• The Pakistan Stock Exchange KSE-100 shares Index gained 2.18 per cent, or 877.26 points, to close at 41,068.87 points.
• The index initially opened on a positive note and stayed in the green zone throughout the session.

KARACHI: The Pakistan bourse showed sharp recovery on Wednesday amid record surge in the value of rupee after the International Monetary Fund (IMF) affirmation regarding Pakistan meeting all prior conditions.

Ahsan Mehanti at Arif Habib Corp said that the finance minister’s assurance over timely debt repayments, fall in Pakistan bond yields globally and upbeat data on trade deficit for July 2022 played a catalyst role in the bullish close.

An analyst at Topline Securities said that the equity market welcomed the IMF acknowledgment regarding completion of all prior conditions necessary to resume the Extended Fund Facility (EFF) programme.

“Initially, the KSE-100 Index opened on a positive note and stayed in the green zone throughout the session. The news of the day was the historic rupee appreciation of 4.19 per cent in the interbank market,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 2.18 per cent, or 877.26 points, to close at 41,068.87 points. The KSE-30 shares Index gained 2.11 per cent, or 321.74 points, to close at 15,569.58 points.

An analyst at Arif Habib Limited said that the market witnessed a bull run after a clarity on the International Monetary Fund (IMF) programme which resulted in rupee appreciation against the dollar.

“The investors rejoiced over the news as the KSE-100 Index went up by 1,016 points during the session giving bulls an upper hand to remain active throughout the day. Hefty volumes were witnessed in the main board,” he added.

As many as 348 scrips were active of which 258 advanced, 68 declined and 22 remained unchanged.

The ready market volumes stood at 333.02 million shares, compared with the turnover of 217.50 million shares in the last trading session.

The companies which reflected the highest gains included Nestle Pakistan up Rs175.50 to close at Rs6,170/share, Colgate Palm up Rs127.34 to close at Rs2,438/share.

The companies which reflected the most losses included Bata (Pak) down Rs50 to close at Rs2,100/share, and Gatron Ind down Rs29.90 to close at Rs370.10/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 32.49 million shares. The scrip gained 2 paisas to close at Rs1.19/share, followed by TPL Properties with a turnover of 29.19 million shares. It gained 94 paisas to close at Rs19.92/share. Unity Foods remained the third with a turnover of 22.89 million shares. It gained 29 paisas to finish at Rs19.04/share.

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