Pakistan stocks gain 614 points on IMF Letter of Intent

Pakistan stocks gain 614 points on IMF Letter of Intent

KARACHI: Pakistan stocks ended up by 614 points on Friday as the country received Letter of Intent (LoI) for IMF loan.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,857 points from previous day’s closing of 42,243 points, showing the gain of 614 points.

READ MORE: Pakistan stocks shed 252 points in range bound session

Analysts at Arif Habib Limited said that the market opened in the positive zone although investors’ participation remained dull throughout the opening session.

“The bulls made a comeback in the second session for value hunting across the board after Pakistan received the letter of intent from the International Monetary Fund for the extended fund facility.”

READ MORE: Pakistan stocks gain 400 points amid positive sentiments

Main board volumes continued to remain healthy although hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Banks (+149.3 points), E&P’s (+115.2 points), Automobile Assemblers (+46.3 points), Fertilizer (+40.3 points) and OMC’s (37.5 points).

READ MORE: Weekly Review: market likely to continue positive sentiments

Volumes increased from 281.7 million shares to 373.9 million shares (+32.7 per cent DoD). Average traded value also increased by 36.1 per cent to reach US$ 49.3 million as against US$ 36.2 million.

Stocks that contributed significantly to the volumes are CNERGY, WTL, PRL, HASCOL and LOTCHEM.

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