KARACHI: The stock market closed the week with the benchmark recording a gain on the back of news reports suggesting that Pakistan has sent a Letter of Intent to the International Monetary Fund (IMF), bringing the country closer to the revival of the stalled loan programme, said Topline Securities.

Stock prices rose also because the national currency recorded further gains against the dollar. The dollar rate in the interbank market was Rs215.49, which reflects the appreciation of 1.57 per cent in the local currency on a day-on-day basis. The rupee has gained 10.87pc in the last nine consecutive trading sessions.

According to Ahsan Mehanti of Arif Habib Ltd, falling foreign exchange reserves, new taxes of Rs15bn and a slump in global crude oil prices exerted some mid-session pressure on equities.

Reports about the Economic Coordination Committee’s approval of Rs50bn loan for Pakistan State Oil aimed at easing the circular debt also helped the bullish activity, he added.

As a result, the KSE-100 index settled at 42,857.57 points, up 614.24 points or 1.45pc from a day ago.

The traded volume and value increased 32pc and 36pc on a day-on-day basis to 373 million and Rs10.6 billion, respectively.

Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (49.76m shares), WorldCall Telecom Ltd (28.35m shares), Pakistan Refinery Ltd (27m shares), Hascol Petroleum Ltd (22.89m shares) and Lotte Chemical Company Ltd (20.71m shares).

Top advancers in percentage terms were Hascol Petro­leum Ltd (25.64pc), Hira Textile Mills Ltd (12.15pc), Invest Capital Investment Bank Ltd (11.11pc), S.G. Power Ltd (10.22pc) and United Insurance Company Ltd (9.31pc).

Top decliners in percentage terms were SME Leasing Ltd (19.68pc), First Credit and Investment Bank Ltd (11.13pc), Ashfaq Textile Mills Ltd (9.51pc), Popular Islamic Modaraba Ltd (8.21pc) and AN Textile Mills Ltd (8pc).

Foreign investors were net buyers as they purchased shares worth $0.19m.

Published in Dawn, August 13th, 2022

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