KARACHI: The Pakistan stocks market closed in the green zone, as the investors celebrated the news regarding the International Monetary Fund (IMF) representative, saying that Pakistan has met all prior actions for the review.
An analyst at Pearl Securities said that the market started the day with a dull sentiment amid political uncertainty as the Election Commission of Pakistan (ECP) announced the verdict regarding the Pakistan Tehreek-e-Insaf (PTI) foreign funding case.
“However, recovery was seen at the bourses right after the IMF representative said that Pakistan has met all prior actions for the review which will take place in late August. Additionally, the trade deficit narrowed 21 per cent to $2.6 billion in July 2022 with lower imports,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.29 per cent, or 115.65 points, to close at 40,191.61 points. The KSE-30 shares Index gained 0.38 per cent, or 58.15 points, to close at 15,247.84 points.
[embedpost slug=”psx-witnesses-lacklustre-session-over-investors-concerns/”]
An analyst at Arif Habib Limited said that the market observed a positive session as rupee continued to show resistance against the dollar where it witnessed further appreciation.
“The bourse opened in the negative zone but investors opted for value buying during the day which resulted in the Index to close in green. The main board activity remained decent although healthy volumes were observed in the third tier stocks,” he added.
As many as 327 scrips were active of which 191 advanced, 105 declined and 31 remained unchanged.
The ready market volumes stood at 217.50 million shares, compared with the turnover of 110.42 million shares in the last trading session.
Going forward, the analysts expect the market to continue taking direction on the back of political and economic news inflows, hence, recommending investors to keep booking profits at a higher level.
The companies which reflected the highest gains included Allawasaya Textile up Rs235.17 to close at Rs3,373.49/share, Colgate Palm up Rs161.20 to close at Rs2,310.66/share.
The companies which reflected the most losses included Nestle Pakistan down Rs295.50 to close at Rs5,994.50/share, and Sapphire Textile down Rs80 to close at Rs993/share.
The highest volumes were witnessed in TPL Properties with a turnover of 35.08 million shares. The scrip gained Rs1.16 to close at Rs18.98/share, followed by Agritech Limited with a turnover of 22.62 million shares. It gained 52 paisas to close at Rs8.13/share. Pak Refinery remained the third with a turnover of 13.18 million shares. It gained 77 paisas to finish at Rs16.07/share.
[embedpost slug=”psx-closes-higher-over-positive-sentiments/”]
