Pakistan stocks trade in green after clarification on IMF review

Pakistan stocks trade in green after clarification on IMF review

KARACHI: Pakistan stocks traded in green on Wednesday after a clarification issued by the finance division regarding review of IMF loan program.

The benchmark KSE-100 index ended 41,819 points from previous day’s closing of 41,540 points, showing a gain of 279 points.

READ MORE: Pakistan stocks continue with bearish trend

Analysts at Arif Habib Limited said that the benchmark KSE-100 index finally ended its losing streak, trading in the green all day.

Following a clarification by the finance division regarding the ninth review of the IMF Program, the market opened in the green and maintained its positive trend throughout the day.

READ MORE: Pakistan stocks witness bloodbath due to economic woes

Investors gained confidence as mainboard volumes gained momentum and participation remained healthy, with third-tier stocks leading in terms of volume.

Sectors contributing to the performance include Cement (+54.1 points), Commercial Banks (+48.5 points), Technology & Communication (+48.4 points), Miscellaneous (+37.3 points), OMCs (+26.4 points).

READ MORE: Weekly Review: Investors to remain cautious after Sukuk repayment

Volumes increased from 131.7 million shares to 221.5 million shares (+68.2 per cent DoD). The average traded value also increased by 50.3 per cent to USD 26.2 million as against USD 17.5 million.

Stocks that contributed significantly to the volumes are DCL, WTL, KOSM, SSGC and HASCOL.

READ MORE: Pakistan stocks lose 243 points on political unrest