KARACHI: Positive sentiments returned to the stock market on Monday following the press reports about the likely resumption of the stalled loan programme by the International Monetary Fund (IMF).

But contrary to expectations, there was still no euphoria-like rally in share prices, said Faisal Shaji, strategist at Standard Capital Securities.

The rise in the benchmark was mainly backed by soaring share prices in the fertiliser sector. Investors pounced on the upside as most of the sector’s key stocks will become ex-dividend on April 27.

“Most of the investors resorted to profit-taking since the incumbent finance minister will take back subsidies at the behest of the IMF before any real IMF tranche,” he said.

As a result, the KSE-100 index settled at 46,073.25 points, up 520.23 points or 1.14 per cent from a day ago.

The trading volume increased 69.5pc to 368.8 million shares while the traded value went up 82.4pc to Rs9.66 billion on a day-on-day basis.

Stocks contributing significantly to the traded volume included Hum Network Ltd (46.87m shares), Telecard Ltd (35.49m shares), WorldCall Telecom Pakistan Ltd (31.98m shares), G3 Technologies Ltd (25.38m shares) and Ghani Global Holdings Ltd (21.76m shares).

Sectors that contributed the highest number of points to the benchmark index included fertiliser (156.91 points), commercial banking (72 points), technology and communication (58.40 points), chemical (53.05 points) and power generation and distribution (44 points).

Shares contributing most positively to the index included Fauji Fertiliser Company Ltd (67.25 points), Systems Ltd (57.43 points), Engro Fertilisers Ltd (43.84 points), Engro Polymer and Chemicals Ltd (41.74 points) and The Hub Power Company Ltd (40.69 points).

Stocks that contributed most negatively to the index included Cnergyico PK Ltd (10.75 points), Maple Leaf Cement Factory Ltd (7.01 points), Pakistan Tele­communication Company Ltd (4.87 points), National Bank of Pakistan Ltd (4.05 points) and Fauji Fertiliser Bin Qasim Ltd (4.05 points).

Shares that registered the largest increases in percentage terms were Lotte Chem­ical Pakistan Ltd (7.47pc), Engro Polymer and Chemi­cals Ltd (6.17pc), Pakistan Tobacco Company Ltd (4.06pc), Fatima Fertiliser Company Ltd (3.69pc) and Systems Ltd (3.55pc).

Published in Dawn, April 26th, 2022