Tuesday Nov 16, 2021
KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Tuesday, pushing the KSE-100 index up by over 800 points. The rally erased the losses borne by the market during the last three sessions.
Strong economic cues such as consistent appreciation of the rupee against the US dollar and assurance from the government regarding the International Monetary Fund (IMF) programme and $3 billion Saudi deposits helped extend the rally at the bourse.
Investors also cheered the news regarding the approval of nearly Rs135 billion by the Economic Coordination Committee (ECC) to clear dues of the independent power producers (IPPs) under a deal.
Moreover, political clarity after the government decided to convene the joint sitting of the Parliament on Wednesday enticed investors to make fresh investments.
Trading kicked off on a positive note and the marker remained in the green till the end of the session.
At close, the benchmark KSE-100 index rose by 806.65 points, or 1.76%, to settle at 46,542.91 points.
A report from Topline Securities stated that the rally was attributed to renewed optimism over the IMF programme amid a joint session of the parliament scheduled for tomorrow.
“The Pakistani rupee also gained against the greenback amid expectations of the receipt of Saudi loan,” it said, adding that the power sector also came under the limelight after the ECC approved Rs135 billion payment to 35 IPP’s.
Consequently, Kot Addu Power Company (KAPCO) closed at its upper circuit while Hub Power Company (HUBC) closed the day at 75.30 (up 3.24%).
During the session, shares of 351 listed companies were traded. At the end of the session, 239 stocks closed in the green, 89 in the red, and 23 remained unchanged.
Overall trading volumes dropped to 243.2 million shares compared with Monday’s tally of 172.8 million. The value of shares traded during the day was Rs10.4 billion.
Ghani Global Holdings was the volume leader with 16.6 million shares, losing Rs0.42 to close at Rs33.73. It was followed by TPL Properties with 15.2 million shares, gaining Rs3.28 to close at Rs51.95, and Waves Singer Pakistan with 11.01 million shares, gaining Rs1.32 to close at Rs19.62.