KARACHI: The Pakistan Stock Exchange (PSX) closed in the green zone on Monday after witnessing a bullish session throughout the day, amid positive sentiments after Pakistan exited the Financial Action Task Force (FATF) grey list, analysts said.
An analyst at Pearl Securities said that positive sentiment prevailed as Pakistan exited the FATF’s grey list. The Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) approved $2 billion loans for Pakistan.
“The rupee found stability to close at Rs220.41/dollar at the interbank foreign exchange market. The prime minister’s Saudi and China visits are in the limelight with rollover of loans, fresh investments in the China-Pakistan Economic Corridor (CPEC) projects and prospects of $12 billion investment in the refinery sector,” he added.
“Going forward, we expect the market to continue the uptrend. Hence, we recommend our investors adopt the “Buy on Dip” strategy in the upcoming sessions.”
The Pakistan Stock Exchange KSE-100 shares Index gained 133.75 points, or 0.32 per cent to close at 42,347.23 points. The KSE-30 shares Index gained 38.19 points, or 0.25 per cent to close at 15,602.64 points.
Ahsan Mehanti at Arif Habib Corp said that the stock closed bullish as investors weighed the FATF decision of Pakistan’s removal from the grey list and finance minister’s hints over $1.5 billion financing receipts from the ADB this week.
“The mid-session pressure remained on political uncertainty and a slump in the Asian equities. While strong rupee and falling government bond yields played a catalyst role in bullish close,” he added.
As many as 343 scrips were active of which 160 advanced, 149 declined and 34 remained unchanged.
The ready market volumes stood at 226.74 million shares, compared with the turnover of 289.58 million shares in the last trading session.
The companies which reflected the highest gains included Colgate Palm up Rs40.19 to close at Rs2,062.50/share, and Mari Petroleum up Rs26.74 to close at Rs1,710.23/share.
The companies which reflected the most losses included Gatron Industries down Rs31.20 to close at Rs384.80/share, and Sitara Chemical down Rs18.74 to close at Rs231.25/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 68.78 million shares. The scrip gained 7 paisas to close at Rs1.59/share, followed by Dewan Motors with a turnover of 12.41 million shares. It gained 92 paisas to close at Rs11.21/share. Pak Refinery remained the third with a turnover of 9.54 million shares. It gained 10 paisas to close at Rs17.91/share.
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