PSX ends rollover week in green on hopes of IMF programme revival

By
Business Desk

May 27, 2022

An investor looks at the days trading at the Pakistan Stock Exchange. — AFP/File
An investor looks at the day's trading at the Pakistan Stock Exchange. — AFP/File

  • Benchmark KSE-100 Index closed in the green with an increase in 319.74 points to close at 42,861.45 points.
  • Arif Habib Limited notes PSX “witnessed a long-awaited bull run” following govt’s decision to increase petrol prices.
  • Shares of 368 companies were traded out of which 223 scrips closed in the green, 131 in the red and 14 remained unchanged.

KARACHI: The increase in petroleum prices and hopes of the revival of the International Monetary Fund (IMF) programme led the Pakistan Stock Exchange (PSX) to witness a rangebound session on Friday.

The benchmark KSE-100 Index closed in the green with an increase in 319.74 points, or 0.75%, to close at 42,861.45 points.

At least 527.67 million shares, with a value of Rs13.9 billion, were traded compared to Thursday’s 347.06 million.

Shares of 368 companies were traded out of which 223 scrips closed in the green, 131 in the red and 14 remained unchanged.

The sectors that contributed in the performance include fertilizer (+44.1 pts), E&P’s (+43.0 pts), banks (+40.5 pts), chemical (+37.6 pts) and cement (+35.4 pts).

PSX ends rollover week in green on hopes of IMF programme revival

Arif Habib Limited in its post-session commentary noted that PSX “witnessed a long-awaited bull run” following the government’s decision to increase petroleum prices considering the resumption in the IMF programme that also resulted in the price appreciation of rupee against the greenback.

“The investors rejoiced over the news as KSE-100 went up by 1,013 points during the session giving bulls an upper hand to remain active throughout the day. However, profit selling was observed in the last trading hour due to the end of rollover week,” said the AHL, it noted that hefty volumes were observed all across the board and third-tier stocks remained in the limelight.

Cnergyico PK was the volume leader with over 64 million shares traded, gaining Rs0.02 to close at Rs5.73. It was followed by Pak Refinery with 55.63 million shares traded, losing Rs0.65 to close at Rs17.79 and WorldCall Telecom Limited with 21.50 million shares traded, losing Rs0.06 to close at Rs1.57.