Pakistan stocks gain 40 points as IMF may resume talks

Pakistan stocks gain 40 points as IMF may resume talks

KARACHI: Pakistan stocks ended with a gain of 40 points on Thursday owing to expected resumption of talks with the International Monetary Fund (IMF).

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 38,831 points from previous day’s closing of 38,791 points, showing a gain of 40 points.

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Analysts at Arif Habib Limited said that the PSX witnessed a positive session during the day.

The benchmark KSE-100 index opened in green and remained positive throughout the trading session, as Investors adopted the strategy of value hunting on dips in anticipation of positive outcomes from the ongoing negotiations of the government’s finance team with the International Monetary Fund (IMF).

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The E&P sector remained in limelight today strengthening the bulls to secure their position and making an intraday high of 273 points as the market closed in the green zone. Healthy volumes were recorded across the board.

Sectors contributing to the performance include E&P’s (+116.9 points), Technology & Communication (+60.1 points), OMCs (+26.1 points), Chemical (+11.8 points), and Refinery (+6.2 points).

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Volumes increased from 153.1 million shares to 157.8 million shares (+3.1 per cent DoD). The average traded value also increased by 27.7 per cent to USD 28.0 million as against USD 21.9 million.

Stocks that contributed significantly to the volumes are PPL, TRG, OGDC, SNGP and CNERGY.

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