Pakistan stocks jump by over 800 points on IMF talks

Pakistan stocks jump by over 800 points on IMF talks

KARACHI: Pakistan stocks jumped by over 800 points on Tuesday as IMF mission started talks in Islamabad.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 802 points to end at 40,673 points from previous day’s closing of 39,871 points.

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Analysts at Arif Habib Limited said that the bulls took charge at the PSX during the day.

The market opened in the green and continued to trade with optimistic sentiments throughout the trading session, reaching an intraday high of 826.83 points as a result of ongoing negotiations in the capital city between the government and the IMF mission.

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Investors’ involvement remained adequate due to the potential positive outcomes of the IMF talks, decent volumes observed across the board.

Sectors contributing to the performance include Fertilizer (+166.0 points), Commercial Banks (+122.4 points), E&P’s (+106.0 points), Cement (+82.9 points), and Miscellaneous (+79.2 points).

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Volumes increased from 140.5 million shares to 153.3 million shares (+9.2 per cent DoD). The average traded value also increased by 37.2 per cent to USD 27.8 million as against USD 20.2 million.

Stocks that contributed significantly to the volumes are WTL, PPL, PRL, MLCF and FCCL.

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