KSE-100 rise nearly 300 points amid hopes for success of IMF talks

• Expectations about resumption of IMF programme drives market activity.
• KSE-100 index gains 296.77 points to close at 45,374.68.
• Shares of 360 companies were traded during the session.

KARACHI: The Pakistan Stock Exchange remained under the control of bulls on Monday and the benchmark KSE-100 index rose nearly 300 points as investors cheered positive news flow pertaining to the revival of $6 billion the International Monetary Fund (IMF) loan programme.

Expectations about the resumption of the IMF loan programme, as the board is set to review Pakistan’s case on February 2, drove market activity and encouraged investors to take fresh positions.

Moreover, a further appreciation in the rupee’s value during the day and encouraging financial results supported the overall optimism.

At the close, the benchmark KSE-100 index gained 296.77 points, or 0.66%, to close at 45,374.68 points.

In its post-market commentary, Arif Habib Limited noted that bulls ruled over the bears today as "Pakistan eyes a $3 billion loan from China."

“The market opened on a positive note and stayed in the green zone throughout the day,” it said, adding that mainboard activity remained gloomy.

On the flip-side, activity continued to remain side-ways as the market witnessed hefty volumes in the third tier stocks. In the last trading hour, profit-taking was witnessed due to rising COVID-19 cases.

Sectors contributing to the performance included banks (+65 points), fertiliser (+40.9 points), technology (+32.9 points), exploration and production (+29.6 points) and chemical (+22.6 points).

Shares of 360 companies were traded during the session. At the close of trading, 237 scrips closed in the green, 96 in the red, and 27 remained unchanged.

Overall trading volumes dropped to 251.68 million shares compared with Friday’s tally of 258.91 million. The value of shares traded during the day was Rs8.56 billion.

Treet Corporation was the volume leader with 22.93 million shares traded, gaining Rs2.15 to close at Rs40.69. It was followed by WorldCall Telecom Limited with 22.49 million shares traded, gaining Rs0.03 to close at Rs2.24, and TRG Pakistan with 18.12 million shares traded, gaining Rs1.77 to close at Rs88.93.