Bull toss KSE-100 index over 46,000-point mark

• KSE-100 index gains 444.65 points to settle at 46,119.15.
• Investors remain optimistic about the revival of IMF programme.
• Encouraging financial results add fuel to the uptrend.

KARACHI: Bullish momentum prevailed at the Pakistan Stock Exchange on Wednesday as market participants were optimistic about the revival of International Monetary Fund (IMF) loan programme.

The market staged a spectacular rally, adding OVER 400 points to the benchmark KSE-100 index. It extended the bull run for the fourth consecutive session and tossed the index above 46,000 points.

Bulls were seen dominating the market throughout the day, as the IMF board is set to review Pakistan's case today after the country fulfilled all prior conditions set by the Fund.

Moreover, encouraging financial results in the corporate sector added fuel to the uptrend.

At the close, the benchmark KSE-100 index gained 444.65 points, or 0.97%, to settle at 46,119.15 points.

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

The IMF’s executive board will take the sixth review of the $6 billion Extended Fund Facility (EFF) for Pakistan on the agenda in its meeting scheduled for Wednesday (February 2).

“The market opened on a positive note and stayed in the green zone throughout the day,” it said.

The brokerage house added that in banking sector, Bank AlFalah announced 4QCY21 result in line with market expectations.

“Activity continued to remain side-ways as market witnessed hefty volumes in the third tier stocks,” AHL stated.

Sectors contributing to the performance included banks (+105.6 points), exploration and production (+80.7 points), cement (+63 points), textile composite (+35.1 points) and oil marketing companies (+25.3 points).

Shares of 381 companies were traded during the session. At the close of trading, 269 scrips closed in the green, 91 in the red, and 21 remained unchanged.

Overall trading volumes rose to 360.8 million shares compared with Tuesday’s tally of 312.50 million. The value of shares traded during the day was Rs10.93 billion.

Hum Network Limited was the volume leader with 48.78 million shares traded, gaining Rs0.45 to close at Rs7.65. It was followed by Telecard Limited with 28.28 million shares traded, gaining Rs0.77 to close at Rs18.42, and Treet Corporation with 26.31 million shares traded, gaining Rs1.37 to close at Rs42.31.