Stocks soar 589 points ahead of IMF loan approval
KARACHI: Stocks extended the gaining streak for third day as the KSE-100 index surged by 589 points (1.72 per cent) and closed at 34,897. Investors’ interest in the market seems to be growing with hike in volume and around 995 points gains in the last three days.
Market kicked off on a positive note and rose to intraday high by 631 points. The rally was supported by the rejuvenation of investor interest as they expected the IMF executive board to approve the $6 billion facility and appreciation in the value of rupee. Market also remained strong as Consumer Price Index for June came out at much lower than consensus expectations.
The gains were led mainly by fertiliser, banking and exploration and production and further supplemented by cement sector, whose stocks closed higher on the back of an increase in prices. DG Khan and Maple Leaf hit their upper lock while Lucky surged 2.96pc.
Reports suggested that the Gas Infrastructure Development Cess resolution was expected soon, which would have a positive impact on the earnings of fertiliser scrips. All major auto stocks witnessed strong investor interest with Pak Suzuki and Honda Atlas hitting their upper locks while Indus Motors was up by 1.5pc.