KARACHI: The Pakistan Stock Exchange (PSX) gained over 300 points on Thursday after the State Bank of Pakistan (SBP) raised Rs693 billion versus a goal of Rs800 billion thanks to a spike in T-bill yields in Tuesday’s auction.
Meanwhile, rumors that Pakistan failed to reach an agreement with the International Monetary Fund (IMF) on the next loan tranche at the seventh review dampened market optimism and curbed some of the bourse’s advances.
Furthermore, owing to the continuing devaluation of the rupee and the ongoing political unrest, market participants avoided taking new positions.
The KSE-100 index rose 318.76 points, or 0.74 percent, to 43,522.55 points at the closing.
“When compared to longer-tenure papers like 3-10 year Pakistan Investment Bonds (PIBs), the cut-off rates on 3-12 month T-bills were higher,” the brokerage firm stated.
It went on to say that the market began the day in the green, but that bulls and bears fought throughout the day.
Meanwhile, the activity on the mainboard remained boring. On the other hand, activity remained sideways as the market saw large volumes in the third-tier equities. Value purchasing was seen in the final trading hour, causing the index to finish in the green.
Cement (+73.7 points), technology (+53.1 points), commercial banks (+36.2 points), and fertilizer (+33.5 points) were among the sectors that helped boost the results.
During the session, 334 businesses’ shares were exchanged. 178 scrips finished in the green, 132 in the red, and 24 stayed unchanged at the end of the trade.
Overall trading volume increased to 149.78 million shares, up from 138.28 million on Tuesday. During the day, Rs5.6 billion worth of shares were exchanged.
With 20.76 million shares traded, Treet Corporation was the most active, earning Rs0.83 to end at Rs30.90. TRG Pakistan came in second with 10.20 million shares traded, up Rs3.98 to Rs76.38, while Telecard Limited came in third with 9.40 million shares traded, up Rs0.29 to Rs10.39.
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