KARACHI: Pakistan’s stocks gained 300 points on Tuesday owing to upcoming IMF announcement to release tranche of over $1 billion.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,674 points as against previous day’s closing of 45,374 points, showing an increase of 300 points.
READ MORE: KSE-100 index gains 297 points
The IMF Executive Board is scheduled to meet on February 02, 2022 to review Pakistan’s $6 billion Extended Fund Facility (EFF) and approve next tranche of $1 billion.
Analysts at Arif Habib Limited said that bullish momentum was witnessed today due to uplifted optimism towards upcoming corporate results and IMF announcement.
READ MORE: Stocks end flat amid profit taking
Market opened on a positive note and stayed in the green zone throughout the day. Main board activity remained gloomy.
On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
In the last trading hour, profit taking was witnessed due to rising Covid-19 cases and alarming CPI for the month of January 2022 at around 13 per cent.
READ MORE: Pakistan’s inflation climbs up 24-month high in January
Sectors contributing to the performance include E&P (+62.8 points), Banks (+60.7 points), Fertilizer (+57.9 points), Misc (56.7 points) and Cement (+59.6 points).
Volumes increased from 251.7 million shares to 312.5 million shares (+24.2 per cent DoD). Traded value also increased by 10.8 per cent to reach US$ 53.8 million as against US$ 48.5 million.
Stocks that contributed significantly to the volumes include GGL, WTL, TREET, HUMNL and UNITY.
READ MORE: Pakistan stocks gain amid concerns over rising oil prices
