KARACHI: Stocks made a recovery in a range-bound session on Tuesday amid speculations about a favourable outcome of the country’s economic managers’ meeting with the International Monetary Fund (IMF) officials due next week.

According to Ahsan Mehanti of Arif Habib Corporation, institutional support in a few oversold stocks in fertiliser, banking and oil sectors as well as reports about the likely release of $1 billion IMF loan tranche played the role of a catalyst in the positive close.

As a result, the benchmark settled at 43,504.36 points, up 111.22 points or 0.26 per cent from a day ago.

The trading volume decreased 23.4pc to 233.9 million shares while the traded value went down 25.7pc to $36.4m on a day-on-day basis.

Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (19.09m shares), Pakistan Refinery Ltd (13.86m shares), Pakistan International Bulk Terminal Ltd (13.19m shares), Lotte Chemical Pakistan Ltd (12.42m shares) and Telecard Ltd (12.15m shares).

Sectors that contributed the highest number of points to the benchmark index included fertiliser (40.66 points), technology and communication (27.63 points), chemical (16.76 points), oil and gas marketing (12.72 points) and power generation and distribution (10.84 points).

Shares contributing most positively to the index included TRG Pakistan Ltd (43.89 points), Colgate-Palmolive Pakistan Ltd (26.92 points), Pakistan Oilfields Ltd (23.57 points), Engro Corporation Ltd (19.07 points) and Fauji Fertiliser Company Ltd (17.62 points).

Stocks that contributed most negatively to the index included Systems Ltd (17.78 points), Habib Bank Ltd (14.04 points), MCB Bank Ltd (11.7 points), Millat Tractors Ltd (10.85 points) and Maple Leaf Cement Factory Ltd (9.46 points).

Shares that registered the largest increase in percentage terms were Colgate-Palmolive Pakistan Ltd (7.16pc), TRG Pakistan Ltd (5.13pc), Shifa International Hospitals Ltd (4.49pc), HBL Growth Fund (3.64pc) and Attock Refinery Ltd (3.37pc).

Foreign investors were net sellers as they offloaded shares worth $1.16m.

Published in Dawn, May 11th, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
Updated 23 Nov, 2024

Political misstep

To drag a critical ally like Saudi Arabia into unfounded conspiracies is detrimental to Pakistan’s foreign policy.
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...