Stocks remain bullish on IMF deal development

Stocks remain bullish on IMF deal development

Stocks remain bullish on IMF deal development

Photo: File

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KARACHI: The Pakistan Equity Market opened in a green zone on Monday where investors’ confidence was enhanced due to the government fulfilling all the prior conditions of the International Monetary Fund (IMF).

An analyst at Pearl Securities said that the upcoming visit of Prime Minister Imran Khan to China would also be a positive development in the coming days.

“On the flip side, profit taking was recorded in the last hours as international oil prices climbed over $90/barrel while the government is all set to increase petroleum products’ prices for February 2022,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 0.66 per cent, or 296.77 points, to close at 45,374.68 points. The KSE-30 shares Index gained 0.21 per cent, or 36.97 points, to close at 17,829.96 points.

As many as 360 scrips were active of which 237 advanced, 96 declined and 27 remained unchanged.

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The ready market volumes stood at 251.68 million shares, compared with the turnover of 258.9 million shares in the last trading session.

An analyst at Topline Securities said that equities closed positive wherein Bank Al Falah, Colgate Palmolive and TRG Pakistan cumulatively added 104 points in the benchmark Index.

“Market remained positive throughout the day making intraday high of 384 points as investors cheered news related to Prime Minister Imran Khan’s visit to Beijing on February 3, on account of setting up on a loan to the tune of $3 billion to stabilise foreign exchange reserves,” he said.

Going forward, analysts expect the market to perform well post approval of the IMF deal on February 2 2022, and recommend investors adopt a buy on dip strategy in the ongoing week.

The companies which reflected the highest gains, included Colgate Palmolive up Rs162.98 to close at Rs2,447.99/share and Rafhan Maize up Rs150 to close at Rs9,750/share.

The companies which reflected the most losses, included Sapphire Fiber down Rs22.31 to close at Rs838.67/share and Philip Morris Pakistan down Rs20 to close at Rs750/share.

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The highest volumes were witnessed in Treet Corporation with a turnover of 22.93 million shares. The scrip gained Rs2.15 to close at Rs40.69/share, followed by Worldcall Telecom with a turnover of 22.49 million shares as it gained 3 paisas to close at Rs2.24/share. TRG Pakistan remained the third with a turnover of 18.12 million shares. It gained Rs1.77 to finish at Rs88.93/share.

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