Stocks rally 807 points on rupee recovery, IMF deal
KARACHI: Stocks rallied on the Pakistan Stock Exchange (PSX) on Tuesday because of renewed optimism over the International Monetary Fund (IMF) loan programme.
According to Topline Securities, the stock market received support as the rupee gained strength against the greenback in anticipation of the promised Saudi loan. The power sector also came into the limelight after the Economic Coordination Committee approved a payment of Rs135 billion to 20 independent power producers.
As a result, the KSE-100 index rose 806.65 points or 1.76 per cent to 46,542.91 points on a day-on-day basis.
Market participation increased 40.7pc to 243.2 million shares while the value of traded shares also increased 103.1pc to reach $59.7m.
Sectors contributing the highest number of points to the benchmark index included cement (189.29 points), technology and communication (121.28 points), oil and gas exploration (103.99 points), power generation and distribution (78.48 points) and commercial banking (63.02 points).
Stocks that contributed significantly to the traded volume included Ghani Global Holdings Ltd (16.61m shares), TPL Properties Ltd (15.24m shares), Waves Singer Pakistan Ltd (11.01m shares), TeleCard Ltd (10.26m shares) and Service Fabrics Ltd (9.58m shares).
Stocks that contributed positively to the index included TRG Pakistan Ltd (96.01 points), Lucky Cement Ltd (82.43 points), Pakistan Petroleum Ltd (62.26 points), Oil and Gas Development Company Ltd (51.98 points) and The Hub Power Company Ltd (51.08 points).
Shares that contributed negatively included Bank AL Habib Ltd (8.22 points), Mari Petroleum Company Ltd (6.73 points), Pakistan Oilfields Ltd (3.52 points), Packages Ltd (2.70 points) and Askari Bank Ltd (2.47 points).
Stocks recording the biggest increase in percentage terms included Kot Addu Power Company Ltd, which went up 7.49pc, followed by Maple Leaf Cement Factory Ltd (7.43pc), Avanceon Ltd (7.2pc), TRG Pakistan Ltd (7.02pc) and National Refinery Ltd (6.16pc).
Foreign investors remained net sellers as they offloaded stocks worth $3.37m.
Published in Dawn, November 17th, 2021