Pakistan bourse remains bullish; Index gains 321.94 points
Pakistan bourse remains bullish; Index gains 321.94 points

KARACHI: The Pakistan bourse started the day on a positive note and crossed the psychological barrier of 46,000, as investors were expecting a positive outcome from the IMF talks and the Financial Action Task Force (FATF) decision where the SBP governor said the country had fulfilled all the major FATF requirements, dealers said.

“Interest was also seen in the banking sector, which added 192 points to the index, amid expected hike in the interest rates as a prerequisite to the IMF tranche. However, late profit-taking was witnessed in leverage stocks, which eroded half of the intraday gains,” an analyst at Pearl Securities said.

The Pakistan Stock Exchange KSE-100 shares index gained 0.71 per cent, or 321.94 points, to close at 45,821.4 points. The KSE-30 shares index gained 1.02 per cent, or 181.61 points, to close at 18,006.14 points.

As many as 359 scrips were active, of which 158 advanced, 185 declined and 16 remained unchanged. The ready market volumes stood at 338.3 million shares, compared with the turnover of 308.18 million shares in the last trading session.

Ahsan Mehanti at Arif Habib Corporation said that the stocks closed higher on the reports of Pakistan-IMF staff level agreement over resumption of Extended Finance Facility.

“[The] SBP governor hints at possible good news for the nation on reaching [the] IMF agreement, while strong financial results in the banking sector and higher global crude oil prices played a catalytic role in [the] bullish close.”

On the news front, Oil and Gas Development Company (OGDC) announced gas discovery at Jandran exploratory well block located in Kohlu District in Balochistan.

Going forward, investors are advised to avail any corrections in the market as buying opportunity in the blue-chip stocks, mainly from the banking, textile and oil and gas exploration and marketing sectors.

The companies that reflected the highest gains included Philip Morris, up Rs58 to close at Rs833/share; and Mari Petroleum, up Rs47.54 to close at Rs1,773.93/share.

The companies, which reflected the most losses included Wyeth Pakistan, down Rs126.35 to close at Rs1,558.65/share; and Rafhan Maize, down Rs100 to close at Rs10,289.99/share.

The highest volumes were witnessed in the Bank of Punjab with a turnover of 25.56 million shares. The scrip gained 16 paisas to close at Rs8.91/share; followed by Telecard Limited with a turnover of 24.33 million shares. It gained 40 paisas to close at Rs17.13/share. Hum Network remained the third with a turnover of 23.88 million shares. It gained five paisas to finish at Rs6.55.

Leave a Reply

Your email address will not be published. Required fields are marked *