KARACHI: Pakistan stocks gained 97 points on Monday as investors were expecting approval of IMF loan program after virtual meeting.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,434 points from last Friday’s closing of 41,337 points, showing a gain of 97 points.
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Analysts at Arif Habib Limited said that the stock market witnessed a positive session to begin the business week.
The market started rising shortly after the opening bell rung owing to expectations of reaching a staff-level agreement with the IMF this week as the market reached an intraday high of 460.71 points.
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Investors gained much confidence after the Pak Rupee gained strength against the US Dollar.
Investor participation remained active throughout the day as healthy volumes were observed across the board.
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Sectors contributing to the performance include Miscellaneous (+61.5 points), Cement (+37.4 points), E&P’s (+35.6 points), Technology & Communication (+31.6 points), and Pharmaceuticals (+9.4 points).
Volumes increased from 194.8 million shares to 221.6 million shares (+13.7 per cent DoD). The average traded value decreased by 6.5 per cent to USD 26.1 million as against USD 27.9 million.
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Stocks that contributed significantly to the volumes are WTL, TELE, TPLP, OGDC, and PPL.
