Pakistan bourse remains bullish

KARACHI: The Pakistan equity market witnessed bullish momentum during Monday’s trading session and closed in the green territory on the back of a positive expectation of the revival of the International Monetary Fund (IMF) programme in the upcoming days, analysts said.

An analyst at Pearl Securities said the bourse observed a trigger in the energy companies in the light of the recent news development for the resolution of the circular debt of the state-owned enterprises, which will improve the liquidity of these energy companies and create liquidity space to pay dividends.

“Moreover, the rupee appreciation also had a positive impact on the Pakistan Stock Exchange.”

The benchmark KSE-100 Index closed at 41,190.77 points, up 719.6 points, or 1.78 percent. The All-share volume increased 68 per cent to 177 million shares against 105 million shares traded in the previous day.

An analyst at Arif Habib Limited said the benchmark KSE-100 Index enjoyed a positive start to the week after it was reported that the government would adhere to the IMF terms.

“The E&P sector remained in the spotlight; following news that the government is considering settling the outstanding gas sector circular debt.”

Going forward, the analysts expect the market to remain volatile until the IMF’s ninth review is successfully concluded.

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