Pakistan stocks move up 276 points hoping early IMF deal

Pakistan stocks move up 276 points hoping early IMF deal

KARACHI: Pakistan stocks moved up 276 points on Tuesday as investors hoped early deal of loan program under International Monetary Fund (IMF).

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 40,950 points from previous day’s closing of 40,674 points, showing a gain of 276 points.

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

The benchmark KSE-100 index opened in green and kept hovering in positive zone throughout the trading session reaching an intraday high of 293.07 points.

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Investors adopted the strategy of value hunting on dips in anticipation of positive outcomes from the ongoing negotiations between the government’s finance team and the IMF Mission.

Likely approval of refinery policy 2023 in next CCoE meeting this week kept the refineries sector in the limelight while decent volumes were recorded across the board.

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Sectors contributing to the performance include Technology & Communication (+88.9 points), Miscellaneous (+60.6 points), Cement (+43.5 points), E&P’s (+31.7 points), and Power Generation & Distribution (+23.1 points).

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Volumes increased from 92.7 million shares to 96.5 million shares (+4.1 per cent DoD). The average traded value also increased by 3.0 per cent to USD 17.5 million as against USD 17.0 million.

Stocks that contributed significantly to the volumes are TRG, WTL, HASCOL, OGDC and ILP.