PSX ends day in green on hopes of IMF programme revival

By
Business Desk

June 16, 2022

Investors can be seen looking at the stock list at PSX. — AFP/File
Investors can be seen looking at the stock list at PSX. — AFP/File

  • Market starts in red but soon enters in green throughout session.
  • Benchmark KSE-100 index closes at 41,730.16 points.
  • Shares of 336 companies were traded during session.

KARACHI: The increase in petroleum prices and hopes of the revival of the International Monetary Fund (IMF) programme helped the Pakistan Stock Exchange (PSX) remain in the green on Thursday.

The stock market started in the red but soon the bulls staged a comeback and held a firm grip during the session.  

At close, the benchmark KSE-100 index closed at 41,730.16 points with a gain of 291.37 points or 0.70%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

According to Arif Habib Limited, the PSX continued positive momentum as investors' confidence was boosted due to the government's announcement of a further increase in the fuel prices to keep in line with the IMF programme.

The activity remained healthy across the board as the cement sector remained in the limelight due to price increases in the north region.

The sectors contributing to the performance include exploration and production (+63.7 points), power (+55.8 points), cement (+53.7 points), fertiliser (+49.3 points) and oil marketing companies (OMCs) (+35.4 points).

Shares of 336 companies were traded during the session. At the close of trading, 173 scrips closed in the green, 134 in the red, and 29 remained unchanged.

Overall trading volumes rose to 162.17 million shares compared with Wednesday’s tally of 141.70 million. The value of shares traded during the day was Rs4.78 billion.

Worldcall Telecom Limited was the volume leader with 21.53 million shares traded, losing Rs0.05 to close at Rs1.42. It was followed by Oilboy Energy with 11.39 million shares traded, gaining Rs1 to close at Rs2.01 and Maple Leaf Cement Factory Limited with 10.23 million shares traded, gaining Rs0.99 to close at Rs27.73.