Karachi, June 6, 2023: Pakistan’s stock markets witnessed a notable increase of 255 points on Tuesday, driven by renewed optimism surrounding the International Monetary Fund’s (IMF) loan program renewal.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 41,923 points, marking a significant rise from the previous day’s closing of 41,668 points.
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Experts at Arif Habib Limited lauded today’s trading session at the PSX as yet another success. The market opened on a positive note and continued to exhibit bullish sentiment throughout the day, driven by favorable news regarding the resumption of the long-stalled IMF program. Investor activity remained robust, fueled by the anticipation of a favorable capital budget. This resulted in healthy trading volumes across the board.
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Various sectors played a vital role in driving the market’s performance. Notably, the Fertilizer sector contributed 64.8 points, followed by OMCs (+43.7 points), Refinery (+25.6 points), Chemical (+22.6 points), and Cement (+16.5 points).
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Trading volumes saw a significant increase from 145.2 million shares to 240.8 million shares, representing a 65.9 percent rise compared to the previous day. The average traded value also surged by 51.1 percent, reaching USD 24.9 million as opposed to USD 16.5 million.
Key stocks that witnessed substantial trading activity included WTL, PRL, CNERGY, PPL, and PAEL.
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The surge in Pakistan’s bourses today can be attributed to renewed hopes of the IMF program’s renewal, indicating positive market sentiment and investor confidence.