The Pakistan Stock Exchange (PSX) rallied in the week’s first trading session as bulls took control of the market with traders staking their cash on expectations of Pakistan’s much anticipated staff-level agreement with the International Monetary Fund (IMF) this week.
After opening trade at 42,541.71 points, the market showcased bullish sentiments, with the benchmark KSE-100 index gaining as much as 1036 points or ~3 percent after rising to a high of 41,100.65 points within the first two hours of the opening bell.
Gaining 1,371.7 points during the session, the benchmark KSE 100 index recorded its highest-ever daily gain since April 11, 2022, before closing at 41,437.1, from Friday’s close of 40,065.3. The KMI 30 index surged by 2,382.2 points closing at 71,277.6, meanwhile the KSE All share index jumped by 763.6 points settling at 27,965.9.
During the early trading hours, bullish sentiment hit the roof as massive buying was seen across the board where investors celebrated yesterday’s approval of the Finance Bill 2023 on expectations that the IMF would release a bigger bailout before June 30 in exchange for more taxes.
Independent economic Analyst A H H Soomro told ProPakistani,
After dipping gradually, the market is bouncing back on slightly higher expectations of IMF’s revival as the PM himself intervened and new budgetary measures are announced. An IMF revival would give short-term stability until December and may add a relief rally to the market as valuations are way too depressed beyond the default case.
At 11:15 AM, the market was at the 41,024 level, up by 959 points. Commercial banks (184.22 points), cement (148.44 points), and technology and communication sectors (116.78 points) are the top contributors at the moment. So far, 81 million shares have been exchanged.
The Deputy Head of Research at JS Global Waqas Ghani told ProPakistani,
The surge in the KSE-100 index can be attributed to substantial fiscal revisions amounting to Rs. 300 billion made in the recently passed Finance Bill. These revisions have generated optimism regarding the resumption of the halted IMF program.
Talks with IMF have been ongoing in the past few days and the conclusion will be added to the Finance Ministry’s website once it is finalized.
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 1.13 | 1.15 | 1.09 | 0.04 | 26,220,940 |
| FFBL | 11.65 | 11.8 | 10.8 | 0.46 | 13,147,500 |
| SNGP | 39.82 | 43.7 | 39.7 | -2.09 | 12,503,829 |
| OGDC | 77.1 | 77.85 | 76.0 | 2.84 | 8,154,666 |
| TPLP | 11.97 | 12.35 | 11.65 | 0.48 | 8,094,366 |
| KEL | 1.75 | 1.76 | 1.64 | 0.09 | 7,304,108 |
| CNERGY | 2.91 | 2.93 | 2.78 | 0.12 | 7,046,053 |
