Stocks climb up 445 points ahead IMF announcement

KARACHI: Pakistan’s stocks climbed up 445 points on Wednesday ahead of IMF announcement to approve around $1 billion tranche.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,119 points as against previous day’s closing of 45,674 points, showing an increase of 445 points.

Analysts at Arif Habib Limited said that bullish momentum was witnessed today due to uplifted optimism towards IMF announcement.

The International Monetary Fund’s Executive Board will take the sixth review of the $6 billion Extended Fund Facility (EFF) for Pakistan on the agenda in its meeting scheduled for Wednesday (February 2, 2022).

The market opened on a positive note and stayed in the green zone throughout the day.

In banking sector, BAFL announced 4QCY21 result in line with market expectations. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Banks (+105.6 points), E&P (+80.7 points), Cement (+63.0 points), Textile Composite (35.1 points) and OMC’S (+25.3 points).

Volumes increased from 312.5 million shares to 360.8 million shares (+15.5 per cent DoD). Traded value also increased by 15.3 per cent to reach US$ 62.0 million as against US$ 53.8 million.

Stocks that contributed significantly to the volumes include HUMNL, TELE, TREET, WTL and GGL.