Stock market gains 589 points on successful IMF deal expectations

KARACHI: The stock market gained 589 points on Wednesday on positive expectations of IMF deal conclusion.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,897 points as against 34,307 points showing an increase of 589 points.

Analysts at Arif Habib Limited said that KSE-100 index increased again by around 631 points during the session that was contributed mainly by Fertilizer and Banking sectors and was further supplemented by Cement sector.

Positive expectation of IMF deal conclusion today kept the sentiment elevated and helped the investors take bets on O&GMCs, Cement, Banks and Fertilizer. Cement sector dominated the volumes for better part of the day, however, Chemicals took over the ranking in the closing hour, where LOTCHEM generated most volume (11.6 million) followed by TRG (8 million).

KSEAll shares volume also improved over the day.

Sectors contributing to the performance include Fertilizer (+140 points), Banks (+135 points), E&P (+81ps), Cement (+75 points), O&GMCs (+48 points).

Volumes increased from 91 million shares to 130.3 million shares (+43 percent DoD). Average traded value also increased by 58 percent to reach US$ 30.5 million as against US$ 19.3 million.

Stocks that contributed significantly to the volumes include LOTCHEM, TRG, UNITY, BOP and MLCF, which formed 29 percent of total volumes.

Stocks that contributed positively include FFC (+69 points), PPL (+48 points), HBL (+45 points), OGDC (+41 points) and MCB (+37 points). Stocks that contributed negatively include POL (-7 points), HMB (-4 points), ICI (-3 points), SYS (-3 points) and KEL (-2 points).

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