KARACHI: Share prices rose on Thursday on the acknowledgement received from the International Monetary Fund’s country representative with regard to significant progress on the contents of the federal budget for 2022-23, said Topline Securities.

According to Arif Habib Ltd, the rally in share prices took place as a consortium of Chinese banks agreed to a $2.3 billion loan facility agreement, which resulted in the rupee’s recovery against the dollar.

Moreover, trading volumes remained healthy across the board. Listed independent power producers were in the limelight as the Economic Coordination Committee of the cabinet approved the payment of Rs149bn for the power sector.

The KSE-100 index settled at 42,716.97 points, up 258.83 points or 0.61pc from a day ago.

The trading volume increased 31.3pc to 349.5 million shares while the traded value went up 19.7pc to $48.9m on a day-on-day basis.

Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (37.4m shares), Pakistan Refinery Ltd (29.34m shares), K-Electric Ltd (27.96m shares), Unity Foods Ltd (15.63m shares) and TPL Properties Ltd (14m shares).

Sectors that contributed the highest number of points to the benchmark index included power generation and distribution (74.8 points), commercial banking (52.17 points), technology and communication (26.42 points), oil and gas marketing (25.86 points) and refinery (16.72 points).

Shares contributing most positively to the index included Hub Power Com­pany Ltd (49.44 points), Bank AL Habib Ltd (29.08 points), MCB Bank Ltd (27.13 points), Systems Ltd (19.18 points) and Pakistan State Oil Company Ltd (16.53 points).

Stocks that contributed most negatively to the index included Habib Bank Ltd (26.2 points), Fauji Fertiliser Company Ltd (16.72 points), Pakistan Oilfields Ltd (11.01 points), Pakistan Petroleum Ltd (7.72 points) and Abbott Labo­ratories Ltd (6.08 points).

Published in Dawn, June 24th, 2022

Opinion

The sixth wave

The sixth wave

PCR testing has drastically gone down in Pakistan and our disease surveillance system needs much more strengthening.

Editorial

Udaipur killing
Updated 01 Jul, 2022

Udaipur killing

The crime committed in Udaipur did not happen in a vacuum.
Unacceptable demand
Updated 01 Jul, 2022

Unacceptable demand

Negotiating with extremists is tricky; no peace treaty with them has lasted beyond a few months.
Tough times ahead
01 Jul, 2022

Tough times ahead

THE finance ministry’s projection of 15pc inflation, much higher than the targeted rate of 11.5pc, during the new...
More ‘prior actions’
Updated 30 Jun, 2022

More ‘prior actions’

It is crucial that the IMF reconsiders its stance and releases the funds at the earliest to calm uneasy markets.
Growing power crisis
30 Jun, 2022

Growing power crisis

THE country’s escalating power crisis risks exacerbating the law-and-order situation as people take to the streets...
Attack on polio team
30 Jun, 2022

Attack on polio team

THE threat of deadly violence never seems to diminish for health workers and police officials involved in...