Equity market recovers 550 points on IMF loan program

KARACHI: The equity market made recovery of over 550 points on Friday on reports of IMF loan program.

The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 37,338 points as against 36,787 points showing an increase of 550 points.

Analysts at Arif Habib Limited said that the index saw significant recovery today.

The session commenced with cautious optimism and initial test of -46 points, market sprung strongly with 633 points and closed at 550 points.

Cement Sector again contributed significantly to the rise in Index with 33 million shares followed by Banks (30 million shares).

BOP (Bank of Punjab) topped the volumes chart with around 23million shares and closed near upper circuit.

As against the trades in past sessions, Cement sector rebounded strongly on the back of a significant decline in international coal prices, which prompted investors to take positive bets.

Asad Umar’s announcement of near conclusion of IMF package also helped revive investor sentiment.

Sectors contributing to the performance include Banks (+149 points), Cement (+100 points), O&GMCs (+58 points), Fertilizer (+52 points), Pharma (+30 points).

Volumes increased from 143.8 million shares to 189.4 million shares (+32 percent DoD). Average traded value also increased by 21 percent to reach US$ 37.8 million as against US$ 31.2 million.

Stocks that contributed significantly to the volumes include BOP, UNITYR1, KEL, WTL and FCCL, which formed 41 percent of total volumes.

Stocks that contributed positively include LUCK (+51 points), PSO (+36 points), HBL (+35 points), BAHL (+27 points), and ENGRO (+23 points). Stocks that contributed negatively include HUBC (-15 points), PMPK (-13 points), APL (-11 points), PPL (-3 points) and HMB (-3 points).

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