KARACHI: The bulls kept control of the Pakistan Stock Exchange (PSX) for a fourth straight day, as the benchmark KSE-100 index surged beyond the 42,000-point threshold in a rally sparked by good news about the International Monetary Fund (IMF) programme.
News that the Chief of Army Staff General Qamar Javed Bajwa had discussed the IMF programme with Saudi Arabian and Emirati officials also contributed to the stock market’s upward trend.
Additionally, the Pakistani rupee’s ongoing strengthening versus the US dollar and positive financial performance served as a stimulus and sparked interest in a number of equities.
The benchmark KSE-100 index increased by 670.87 points or 1.62 percent to settle at 42,096.24 points.
According to a report from Arif Habib Limited, bulls won today’s trading session at PSX. The KSE-100 index maintained its upward performance throughout the opening trading session thanks to widespread value purchasing.
The brokerage company said that investors’ confidence increased in the second session as a result of good news about the restart of the IMF programme and as the Pakistani rupee strengthened versus the US dollar.
The upward trend of the Pakistani rupee continues versus the US dollar, rising by 0.94 percent.
Miftah Ismail claims Pakistan is on the “correct road,” but he foresees more difficult times.
Additionally, the revelation of favourable results encouraged investor engagement. The focus remained on the cement and refinery industries, it stated.
Banks (+181.8 points), cement (+134.4 points), automakers (+42.8 points), oil marketing firms (+39.4 points), and electricity (+37 points) were among the industries that helped the performance.
During the session, shares of 345 different firms were exchanged. 264 stocks ended the day’s trading in the black, 58 in the red, and 23 were unchanged.
Compared to Thursday’s total of 275.43 million shares, the overall trading volume increased to 406.68 million shares. During the day, shares were exchanged for a total of Rs. 11.63 billion.
With 64.34 million shares traded, Cnergyico PK Limited led the volume with a gain of 0.51 rupees to settle at 5.51 rupees. Pakistan Refinery, with 29.93 million shares traded, gained Rs. 1.17 to end at Rs. 18.01, and WorldCall Telecom, with 20.36 million shares traded, gained Rs. 0.07 to settle at Rs. 1.30, were the next-most actively traded companies.