While the rupee crashed beyond 250 against the dollar today, the Pakistan Stock Exchange (PSX) witnessed a bullish trading session, gaining over 1,000 points amid hopes of resumption of the International Monetary Fund’s (IMF) bailout for the cash-strapped country.
The benchmark KSE-100 index registered big gains of 1,209 during intraday trade today. The index recorded an intraday high of 40,994.69 and settled higher by 1,061.63 points settling at 40,846.53. The KMI 30 index gained 1,651.27 points closing at 64,821.48. While the KSE All share index surged by 495.46 points settling at 27,186.40.
The International Monetary Fund (IMF) has reportedly linked a team visit to Islamabad with the promulgation of mini-budget worth billions. Sources told ProPakistani that the Pakistani team and IMF officials held virtual negotiations on the second day. The Finance Ministry officials have shared a draft of a mini-budget worth Rs. 200-300 billion with the IMF.
According to Capital Stake, sectors lifting the benchmark KSE 100 index higher included the Banking sector (353.87 points), the Fertilizer sector (230.07 points), and the Cement sector (97.46 points). Company-wise Habib Bank Limited (HBL 98.62 points), Engro Corporation Limited (ENGRO 88.39 points), and Fauji Fertilizer Company Limited (FFC 85.60 points) were top points contributors.
The Refinery sector gained 6.67 percent in its cumulative market capitalization. Cnergyico PK Limited (CNERGY 6.92 percent), Attock Refinery Limited (ATRL 7.50 percent), National Refinery Limited (NRL 4.41 percent), and Pakistan Refinery Limited (PRL 7.90 percent), all closed positive.
Overall market volumes surged from 269.23 million shares in the previous session to 362.92 million shares. Cnergyico PK Limited (CNERGY 6.92 percent), TPL Properties Limited (TPLP +2.50 percent) and Worldcall Telecom Limited (WTL +0.84 percent) showed the highest contribution to the volume chart. The scrips had 44.55 million shares, 20.05 million shares, and 14.03 million shares traded respectively.
Equity markets around the globe showed a mixed trend. Crude oil prices moved north with WTI crude oil prices rising by 0.79 percent to $80.76, while Brent crude oil price was up by 0.70 percent to $86.72.