Wednesday May 18, 2022
KARACHI: The bulls took command of the stock market on Wednesday, tossing the KSE-100 index up by 300 points as Pakistan resumes talks with the International Monetary Fund (IMF).
The 43,000-barrier was easily knocked down as investors cherry-picked stocks at attractive valuations.
Bulls were seen dominating the market throughout the day, as the development regarding the Supreme Court verdict on the presidential reference seeking the interpretation of Article 63(A) of the Constitution related to defecting lawmakers coupled with news regarding Pakistan-IMF talks.
At close, the benchmark KSE-100 index closed at 43,027.88 with a gain of 300.82 points, or 0.70%.
Arif Habib Limited in its post-market commentary noted that the market opened in the positive zone today after a weeklong negative momentum.
"A ray of hope arising from the political front helped investors to bottom fish the value stocks," it stated, adding that the KSE-100 index stayed in the green zone during the day whereas main board activity remained dull due to the continuous depreciation of the Pakistani rupee against the US dollar and lack of clarity regarding the fiscal adjustment.
Sectors contributing to the performance included cement (+57.6 points), technology (+55.4 points), fertiliser (+38 points) and power (+32.6 points).
Shares of 345 companies were traded during the session. At the close of trading, 245 scrips closed in the green, 83 in the red, and 17 remained unchanged.
Overall trading volumes rose to 278.8 million shares compared with Tuesday's tally of 197.91 million. The value of shares traded during the day was Rs6.91 billion.
WorldCall Telecom was the volume leader with 27.07 million shares traded, gaining Rs0.06 to close at Rs1.54. It was followed by Cnergyico PK Limited with 24.14 million shares traded, losing Rs0.06 to close at Rs5.22 and Telecard Limited with 23.21 million shares traded, gaining Rs0.87 to close at Rs11.05.