Despite dismal economic data, KSE-100 gains nearly 300 points

• KSE-100 index rises 299.82 points to close at 45,674.50.
• Poor economic data fails to dent investor sentiment.
• Shares of 366 companies were traded during the session.

In line with the trend since the last few sessions, the Pakistan Stock Exchange (PSX) continued its upward trajectory on Tuesday and rose nearly 300 points despite weak economic cues.

Poor economic data failed to dent investor sentiment and kept the bears on the sidelines. The Pakistan Bureau of Statistics (PBS) during the session released inflation figures, which skyrocketed to a 23-month high of 13% in January 2022.

Meanwhile, investors also remained optimistic about the sixth review of the International Monetary Fund (IMF). 

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.

At the close, the benchmark KSE-100 index gained 299.82 points, or 0.69%, to close at 45,674.50 points.

In its post-market commentary, Arif Habib Limited noted that bullish momentum was witnessed today due to uplifted optimism towards upcoming corporate results and IMF announcements.

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

The brokerage house further stated that 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 and alarming inflation data for the month of January 2022.

Sectors contributing to the performance included exploration and production (+62.8 points), banks (+60.7 points), fertiliser (+57.9 points), miscellaneous (+56.7 points), and cement (+59.6 points).

Shares of 366 companies were traded during the session. At the close of trading, 221 scrips closed in the green, 115 in the red, and 30 remained unchanged.

Overall trading volumes rose to 321.5 million shares compared with Monday’s tally of 251.68 million. The value of shares traded during the day was Rs9.48 billion.

Ghani Global Holdings was the volume leader with 25.49 million shares traded, gaining Rs0.55 to close at Rs22.72. It was followed by WorldCall Telecom Limited with 24.88 million shares traded, gaining Rs0.03 to close at Rs2.27, and Treet Corporation with 19.53 million shares traded, gaining Rs0.25 to close at Rs40.94.