KARACHI: Bulls extended their gains on Wednesday as a wave of optimism swept up the trading floor on positive news triggers.

Arif Habib Ltd said the index of representative shares opened at a higher level as bulls pushed up the benchmark to an intraday high of 889.97 points.

Investors took stock of the recent developments on the economic front that have paved the way for the revival of a loan programme with the International Monetary Fund (IMF). The government appears to be taking all possible measures to revive the IMF programme, the brokerage said.

Another positive trigger came from news reports suggesting that gas tariffs will be raised in the next meeting of the Economic Coordination Committee to help resolve the gas sector’s circular debt issue in line with the IMF requirements.

As a result, the KSE-100 index settled at 39,784.90 points, up 729.25 points or 1.87 per cent from the preceding session.

The overall trading volume increased 49.9pc to 269.5 million shares. The traded value went up 65.7pc to $45.8m on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (20.6m shares), TPL Properties Ltd (14.4m shares), Pakistan Petroleum Ltd (13.2m shares), Sui Northern Gas Pipelines Ltd (12.2m shares) and TRG Pakistan Ltd (9.3m shares).

Sectors contributing the most to the index performance were banking (290.6 points), fertiliser (106 points), exploration and production (98.8 points), cement (49.9 points) and technology and communication (32 points).

Companies registering the biggest increases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs485.91), Sapphire Textile Mills Ltd (Rs76.35), Mari Petroleum Company Ltd (Rs26.37), JDW Sugar Mills Ltd (Rs24.90) and Nestle Pakistan Ltd (Rs23).

Companies that recorded the biggest declines in their share prices in absolute terms were Philip Morris Pakistan Ltd (Rs42.72), Ismail Industries Ltd (Rs37.50), Pakistan Services Ltd (Rs12.50), Suraj Cotton Mills Ltd (Rs10.33) and Ellcot Spinning Mills Ltd (Rs9.52).

Foreign investors were net buyers as they purchased shares worth $0.4m.

Published in Dawn, January 26th, 2023

Opinion

Editorial

Blatant Islamophobia
Updated 30 Jan, 2023

Blatant Islamophobia

Muslim extremists and terrorist outfits are emboldened by hateful acts.
Modern slavery
30 Jan, 2023

Modern slavery

MODERN slavery is a wide-ranging term that can encompass a multitude of scenarios. Common to all of them, however, ...
Remarkable Sania
30 Jan, 2023

Remarkable Sania

BRINGING to a close a career in which she smashed stereotypes, Sania Mirza delivered almost the perfect ending in ...
Losing grip
Updated 29 Jan, 2023

Losing grip

The state and the government are responsible for providing Imran with the security he deserves as a former prime minister.
Telling silence
Updated 29 Jan, 2023

Telling silence

THE silence of the Sindh government over the recent exposé in this paper about Karachi’s water tanker mafia ...
Palestine escalation
29 Jan, 2023

Palestine escalation

THE fire of conflict once again threatens to envelop the land of Palestine, as the growing cycle of violence refuses...