PSX gains 190 points on positive IMF statement

KARACHI: Pakistan Stock Exchange (PSX) snapped a three-day losing streak amid positive statement by the International Monetary Fund (IMF) on the stand-by arrangement, with the benchmark KSE-100 Index gaining 190.67 points (+0.29 percent) to close at 65,793.75 points.
The market opened on a positive note but it swung both ways in the first hour. However, the bulls controlled the market for most part of the session. The benchmark index accumulated gains all day long while both the volume and value of shares surged compared to the previous session.
The IMF said it “stands ready” to send its mission to Pakistan for the second review of the stand-by arrangement (SBA) after a new cabinet is formed. Separately, it also said that it was ready for the formulation of a new, medium-term programme, should the Pakistan government request it. Capital Stake, a brokerage house, in its report said that investors are optimistic about a favourable resolution regarding the new conditions established by the IMF.
On the other hand, Prime Minister Shehbaz Sharif said on Thursday that the presidential candidate of the ruling coalition, Asif Ali Zardari, would be elected with an overwhelming majority on March 9.
The benchmark index traded in a range of 374.3 points, showing an intraday high of 66,067.52 points and an intraday low of 65,693.22 points. Among other indices, the KSE All Share Index gained 207.61 points (+0.48 percent) to close at 43,677.11 points. Similarly, the KMI All Share Islamic Index gained 161.63 points (+0.51 percent) to close at 31,603.17 points.
Total volumes traded for the KSE-100 Index remained 240.1 million shares, while the overall market volumes remained 481.70 million shares. Among scrips, KEL topped the volumes with 59.08 million shares, followed by CNERGY (51.47 million) and KOSM (45.95 million). Stocks that contributed significantly to the volumes included KEL, CNERGY, KOSM, TELE, and PRL, which formed over 45 percent of total volumes.
A total of 355 companies traded shares in the stock exchange, out of which shares of 206 closed up, shares of 119 companies closed down while shares of 30 companies remained unchanged. A total of 95 companies traded shares in the KSE-100 Index, out of which share prices of 58 companies closed up, 36 companies closed down and one remained unchanged. The number of total trades remained 194,515, while the value traded remained Rs16.99 billion.
In terms of rupee, NESTLE remained the top gainer with an increase of Rs160 (+2.03 percent) per share, closing at Rs8,050. The runner-up remained PSEL, the share price of which climbed up by Rs29.99 (+3.47 percent) to Rs894.99. RMPL remained the top loser with a decrease of Rs345 (-3.83 percent) per share, closing at Rs8,655, followed by PMRS, the share price of which fell by Rs23.75 (-4.91 percent) to close at Rs460 per share. – TLTP