KARACHI: The benchmark KSE-100 Index witnessed a bullish trend on Tuesday, as the finance minister positively hinted at the resumption of the International Monetary Fund (IMF) programme within two days, analysts said.

An analyst at Pearl Securities said the possibility of getting a $1 billion loan tranche triggered the investors’ sentiment during the day.

“Cumulatively, technology, E&P, and fertiliser sectors added 313 points to the index. Going forward, we expect the market to perform well ahead of the staff-level discussion to be held on Tuesday and Wednesday.”

The Pakistan Stock Exchange KSE-100 shares Index gained 1.79 per cent, or 748.97 points, to close at 42,525.95 points. The KSE-30 shares Index gained 1.89 per cent, or 301.49 points, to close at 16,255.8 points.

As many as 341 scrips were active, of which 268 advanced, 49 declined and 24 remained unchanged. The ready market volumes stood at 300.5 million shares, compared with the turnover of 162.12 million shares in the last trading session.

Ahsan Mehanti at Arif Habib Corporation said that the stocks showed a sharp recovery on the finance minister’s hint regarding the resumption of the IMF bailout programme in a day or two.

“Surging global equities, imminent accord with the IMF and the global crude oil prices played a catalytic role in the bullish close.”

Dealers said bulls triumphed in the trading session at the PSX. The KSE-100 Index remained in the green zone throughout the day, as across-the-board value buying was witnessed. The investors gained confidence on the expectations of the resumption of the IMF programme. The volumes remained healthy in the main board.

The PSX finally saw some daylight on the expectations of the resumption of the IMF negotiations. Bulls pulled the KSE-100 to an intraday high of 42,569 level, eventually leading the market to close at 42,526, up 749 points.

TPL Properties, Pakistan Refinery Limited (PRL) Cnergy Co, Hum Network and Unity Foods were the highest contributors.

Going forward, the analysts recommend investors to avail any downside as an opportunity to buy in the banking, tech and fertiliser sectors.

The companies that reflected the highest gains included Colgate Palmolive, up Rs88.75 to close at Rs2,200/share; and Sapphire Fibre, up Rs79.9 to close at Rs1,179/share.

The companies, which reflected the most losses included Premium Textile, down Rs57.72 to close at Rs718.6/share; and Unilever Foods, down Rs600 to close at Rs24,000/share.