KARACHI: The stock market turned bullish on Tuesday owing to the upcoming corporate results’ season and the expected resumption of the loan programme by the International Monetary Fund (IMF), according to Arif Habib Ltd.
The government’s decision to delay the increase in the prices of petroleum products and the release of the inflation number in line with the street consensus were also the reasons for the rally in stock prices, said Topline Securities Ltd.
As a result, the KSE-100 index added 299.82 points or 0.66 per cent to 45,674.50 points.
Market participation increased 24.2pc to 312.5 million shares while the value of traded shares went up 10.8pc to $53.8m.
Sectors that contributed the highest number of points to the benchmark index included oil and gas exploration (62.79 points), commercial banking (60.71 points), fertiliser (57.85 points), miscellaneous (56.74 points) and cement (29.59 points).
Stocks contributing significantly to the traded volume included Ghani Global Holdings Ltd (25.49m shares), WorldCall Telecom Ltd (24.88m shares), Treet Corporation Ltd (19.53m shares), Hum Network Ltd (18.95m shares) and Unity Foods Ltd (15.3m shares).
Shares contributing positively to the index included Pakistan Services Ltd (55.25 points), Fauji Fertiliser Company Ltd (27.97 points), Mari Petroleum Company Ltd (19.4 points), MCB Bank Ltd (18.49 points) and Fauji Cement Company Ltd (18.01 points).
Stocks that took away the maximum number of points from the index included TRG Pakistan Ltd (42.11 points), The Hub Power Company Ltd (13.43 points), Systems Ltd (6.2 points), Century Paper and Board Mills Ltd (5.85 points) and Shakarganj Ltd (4.28 points).
Stocks recording the biggest increases in percentage terms included Pakistan Services Ltd, which went up 6.54pc, followed by Fauji Cement Company Ltd (4.79pc), Unity Foods Ltd (3.91pc), Pak Elektron Ltd (3.85pc) and HBL Growth Fund (3.65pc).
Published in Dawn, February 2nd, 2022