PSX kicks off 2022 with 290-point rally

• KSE-100 index gains 0.65%, to close at 44,866.89 points.
• Investors cheer developments related to IMF stalled programme.
• Uptrend was also fuelled by a rally in regional and global markets.

KARACHI: The Pakistan Stock Exchange (PSX) began the new year on a positive note on Monday, continuing the momentum from the last few days of December.

The benchmark KSE-100 index, while maintaining its upward march, made a strong advance as investors cheered recovery in Pakistan rupee and developments related to the International Monetary Fund (IMF) stalled programme.

However, the gains remained clipped because of inflation data for December. The Consumer Price Index (CPI) was calculated at 12.3% for December 2021 compared to 11.53% in November 2021, according to the Pakistan Bureau of Statistics.

The uptrend was further fuelled by a rally in regional and global markets.

Today, the benchmark KSE-100 index gained 290.82 points, or 0.65%, to close at 44,866.89 points.

A report from Topline Securities noted that Pakistan equities started the week on a positive note where the market remained mostly in the green throughout the day.

“The blue-chip stocks continued to lure investors’ interest today as well on the back of attractive price levels and strong fundamentals,” it stated.

Shares of 362 companies were traded during the session. At the close of trading, 212 scrips closed in the green, 137 in the red, and 13 remained unchanged.

Overall trading volumes dropped to 195.16 million shares compared with Friday’s tally of 317.64 million. The value of shares traded during the day was Rs6.5 billion.

Pakistan International Bulk Terminal was the volume leader with 12.58 million shares traded, gaining Rs0.34 to close at Rs7.70. It was followed by TPL Properties with 11.08 million shares traded, losing Rs0.09 to close at Rs32.56. Ghani Global Holdings with 10.81 million shares traded, gaining Rs0.48 to close at Rs24.60.