Bulls dominate Pakistan equity market

• The benchmark KSE-100 Index closed at 40,950 points, up 276 points, or 0.6%.
• The All-share volume increased 4% to 96 million shares.
• Analysts expect volatility to persist until the IMF ninth review is successfully concluded.

KARACHI: The Pakistan equity market remained positive throughout the day after the government passed the Supplementary Finance Budget, 2023, in the National Assembly, acquiescing to the International Monetary Fund (IMF) demands, which will pave the way for successful completion of the ninth review, analysts said on Tuesday.

An analyst at Pearl Securities said positive sentiment in the market was also fuelled by cooling down of the political environment after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan received protective bail from the Lahore High Court.

The benchmark KSE-100 Index closed at 40,950 points, up 276 points, or 0.6 per cent. The All-share volume increased 4 per cent to 96 million shares against 93 million shares traded the previous day.

Ahsan Mehanti at Arif Habib Corporation said that the stocks closed higher, as the investors weighed Rs170 billion mini-budget approval from the National Assembly, paving the way for Pakistan-IMF staff-level agreement expected next week.

“Upbeat data on the current account deficit, reducing to $242 million in January 2023, shrinking by 90 per cent, strong corporate earnings and the likely resolution of the circular debt crisis to meet the IMF condition played a catalytic role in the bullish close.”

Going forward, the analysts expect volatility to persist in the benchmark KSE-100 Index until the IMF ninth review is successfully concluded.

Also Read

Bulls dominate Pakistan equity market

The benchmark KSE-100 Index closed at 40,801.50 points, up 296.74 points. Technology...