KARACHI: The Pakistan bourse showed recovery on Thursday as investors weigh improving Pak-US ties leading to the International Monetary Fund (IMF) bailout programme.
Ahsan Mehanti at Arif Habib Corp said that the government’ decision to maintain status quo over hike in the power tariff and institutional interest ahead of major earning announcements next week played a catalyst role in bullish close.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.45 per cent, or 184.22 points, to close at 41,344.01 points. The KSE-30 shares Index gained 0.43 per cent, or 67.33 points, to close at 15,727.63 points.
An analyst at Pearl Securities said that the KSE-100 Index ended the week by losing 286 points to close at 41,344 level.
“During the week, the market observed mix sessions on the back of uncertainty on the International Monetary Fund (IMF) programme as the government tries to meet remaining preconditions to resume the $2bn tranche,” he added.
Higher expected policy rate hike in the Monetary Policy Statement (MPS) announcement, trade deficit of $48.2 billion for the fiscal year 2022 kept the market under pressure throughout the week, he added.
“Going forward, we expect the market to move in both directions until the revival of the IMF programme. Hence, we suggest our investors to book profits at a higher level after Eid Holidays.”
As many as 310 scrips were active of which 162 advanced, 126 declined and 22 remained unchanged.
The ready market volumes stood at 99.08 million shares, compared with the turnover of 98.24 million shares in the last trading session.
The companies which reflected the highest gains included Nestle Pakistan up Rs190 to close at Rs5,850/share, Allawasaya Textile up Rs131.33 to close at Rs1,891.33/share.
The companies which reflected the most losses included Gatron Industries down Rs29.19 to close at Rs400/share, and Otsuka Pak down Rs17.05 to close at Rs213.01/share.
The highest volumes were witnessed in Lotte Chemical with a turnover of 7.32 million shares. The scrip shed 21 paisas to close at Rs25.02/share, followed by Oil and Gas Development Authority (OGDC) with a turnover of 5.79 million shares. It gained Rs3.08 to close at Rs80.46/share. Sui North Gas remained the third with a turnover of 5.32 million shares. It gained 75 paisas to finish at Rs37.37/share.
