PSX adds 279 points over IMF development

KARACHI: The Pakistan bourse closed higher on Wednesday as investors celebrated the government’s move to secure funds from a multilateral institution, analysts said.

An analyst at Topline Securities said that the equity market closed positive as Finance Minister Ishaq Dar said that the government engaged three major International Monetary Fund (IMF) shareholders for support in seeking a $7 billion bailout package.

“The investors cheered lower international oil prices while Dar overruled rumors about any imminent financial emergency which led the market to close in a green zone,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 279.35 points, or 0.67 per cent, to close at 41,819.29 points. The KSE-30 shares Index gained 82.86 points, or 0.54 per cent, to close at 15,448.12 points.

As many as 334 scrips were active of which 196 advanced, 111 declined and 27 remained unchanged.

An analyst at Arif Habib Limited said that the KSE-100 Index ended its losing streak following a clarification by the finance division regarding the ninth review of the International Monetary Fund (IMF) programme.

“The market opened in the green zone and maintained its positive trend throughout the trading session. The investors gained confidence as the mainboard volumes gained momentum where participation remained healthy, with third tier stocks leading in terms of value,” he added.

The ready market volumes stood at 221.48 million shares, compared with the turnover of 131.69 million shares in the last trading session.

The companies which reflected the highest gains included Pak Services up Rs73.17 to close at Rs1,048.77/share, and Sapphire Fiber up Rs72.60 to close at Rs1,044/share.

The companies which reflected the most losses included Rafhan Maize down Rs377.49 to close at Rs9,300.01/share, and Bata (Pak) down Rs100 to close at Rs1,700/share.

The highest volumes were witnessed in Dewan Cement with a turnover of 29.55 million shares. The scrip gained 50 paisas to close at Rs6.04/share, followed by WorldCall Telecom with a turnover of 21.47 million shares. It shed one paisa to close at Rs1.36/share. Kohinoor Spining remained the third with a turnover of 13.60 million shares. It gained 41 paisas to close at Rs3.15/share.

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