Pakistan Stock Exchange (PSX) experienced a gain of 79 points on Thursday, amid optimism of an early staff-level agreement between Pakistan and the International Monetary Fund (IMF).
The benchmark KSE-100 index closed at 40,205 points, up from the previous day’s closing of 40,126 points.
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According to analysts at Topline Securities, the KSE-100 index opened on a positive note and rose to an intraday high of 293 points following news that the IMF Middle East and Central Asia Director had expressed confidence that the staff-level agreement between Pakistan and the international money lender would be signed “soon” after the board’s approval.
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The market experienced profit-taking in the latter hours of the trading session, as investors preferred to book their gains before the long weekend. However, the market’s momentum remained positive throughout the day, with major contributions to the index coming from MEBL, HUBC, LUCK, OGDC, and FFC.
These stocks cumulatively contributed 66 points to the index, while EPCL, PSEL, ENGRO, PAKT, and POL lost value, weighing down the index by -68 points.
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The traded volume and value for the day stood at 89 million shares and Rs.2.76 billion, respectively, with WTL being the volume leader of the day with 7.77 million shares.
The anticipation of an early staff-level agreement with the IMF is expected to boost investor confidence in Pakistan’s economy and attract foreign investment. However, uncertainties remain due to the ongoing COVID-19 pandemic and the global economic slowdown.
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Overall, the market’s positive momentum on Thursday is a sign of hope for the Pakistani economy and its investors, who have been affected by the pandemic and economic challenges. It is hoped that the market’s upward trend will continue, bringing further stability and growth to the country’s financial sector.
