KARACHI: The Pakistan bourse closed higher on Wednesday as the investors’ confidence got a boost over the likely inflows from multilateral lenders and friendly countries besides upbeat economic data on different sectors.
An analyst at Pearl Securities said that bulls remained in charge during the day in the market and gave it a boost towards the end as the market closed on a positive note.
“The market expects the status quo in the policy rate in the upcoming monetary policy committee (MPC) meeting. Pakistan sent a signed letter of intent (LOI) to the International Monetary Fund (IMF) to resume the programme,” he added.
The cement sector saw a surge on the back of news regarding a tax relief of up to Rs5 billion to the property sector, he said, adding that the rupee came under pressure on the news that the State Bank of Pakistan (SBP) has allowed the export of the dollar by the open market players.
“Going forward, we expect the market to perform well. Hence, we recommend our investors adopt the “Buy on Dip” strategy in the upcoming sessions,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.55 per cent, or 240.08 points, to close at 43,676.56 points. The KSE-30 shares Index gained 0.61 per cent, or 100.80 points, to close at 16,532.20 points.
As many as 356 scrips were active of which 153 advanced, 171 declined and 32 remained unchanged.
The ready market volumes stood at 607.99 million shares, compared with the turnover of 518.04 million shares in the last trading session.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed higher on the back of higher trades led by second and third tier scrips on strong valuations.
“Mid-session pressure remained on weak global crude oil prices, falling rupee and dismal data on remittances during July 2022,” he added.
However, upbeat data of large scale manufacturing (LSM) growth at 11.7 per cent, strong financial results in the oil sector and the finance minister’s hints over the IMF’s tranche due next month played a catalyst role in the bullish close, Mehanti added.
The companies which reflected the highest gains included Sanofi-Aventis up Rs50 to close at Rs1,540/share, Systems Limited up Rs21.38 to close at Rs382.82/share.
The companies which reflected the most losses included Rafhan Maize down Rs200 to close at Rs10,200/share, and Nestle Pakistan(XD) down Rs150 to close at Rs6,000/share.
The highest volumes were witnessed in K-Electric with a turnover of 209.08 million shares. The scrip gained 43 paisas to close at Rs3.73/share, followed by WorldCall Telecom with a turnover of 53.21 million shares. It shed 1 paisa to close at Rs1.30/share. Hascol Petrol remained the third with a turnover of 48.29 million shares. It shed 23 paisas to finish at Rs6.67/share.
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