Pakistan stocks remain bullish; KSE-100 Index gains 806.65 points

KARACHI: The Pakistan stocks rebounded on Tuesday, as the rupee finally managed to recover against the dollar after an entire week of losses coupled with an absence of uncertainty on the political front, dealers said.

Ahsan Mehanti at Arif Habib Corporation said that the stocks showed sharp recovery led by scrips across-the-board on robust data on textile exports, which surged 26.6 per cent in July-October 2021 and remittance over $2.5 billion in October, showing rupee recovery.

“Surging global equities and global crude oil prices and speculations ahead of [the] resumption of IMF [International Monetary Fund] programme played a catalytic role in the bullish close.”

The Pakistan Stock Exchange KSE-100 shares Index gained 1.76 per cent, or 806.65 points, to close at 46,542.91 points. The KSE-30 shares Index gained 1.98 per cent, or 352.22 points, to close at 18,098.42 points.

As many as 351 scrips were active, of which 239 advanced, 89 declined and 23 remained unchanged. The ready market volumes stood at 243.19 million shares, compared with the turnover of 172.85 million shares in the last trading session.

The cement sector came into focus, as the international coal prices are hovering at the low levels of below $130/tonne; thus, adding 206 points to the index. Similarly, investors’ interest was also seen in the technology and E&P sectors during the session.

Muhammad Waqar at JS Global Capital, said that the market witnessed dull volumes on Tuesday. “The investors are keenly looking forward for [the] IMF approval, where the delay in [the] IMF programme is making the market indecisive and directionless.”

“We believe once the IMF programme resumes, the market will shift to a positive trajectory. [The] market awaits any positive news flow from local politics and economic front, which will likely [to] uplift [the] index towards the north direction.”

The companies, which reflected the highest gains included Wyeth Pakistan, up Rs120.05 to close at Rs1,720.72/share; and Sapphire Fiber, up Rs55.5 to close at Rs795.5/share.

The companies that reflected the most losses included Unilever Foods, down Rs49.5 to close at Rs18,900/share; and Philip Morris Pakistan, down Rs33.99 to close at Rs752.01/share.

The highest volumes were witnessed in Ghani Global with a turnover of 16.61 million shares. The scrip shed 42 paisas to close at Rs33.73/share; followed by TPL Properties with a turnover of 15.24 million shares. It gained Rs3.28 to close at Rs51.95/share. Waves Singer Pakistan remained the third with a turnover of 10.26 million shares. It gained Rs1.32 paisas to finish at Rs19.62.