KARACHI: Share prices continued their upward trajectory on Tuesday on positive developments on the macroeconomic front.
Topline Securities Ltd said the positive momentum was driven by the tentative scheduling of the Executive Board’s meeting of the International Monetary Fund (IMF) for Dec 7.
The board is expected to approve the staff-level agreement with Pakistan, which will pave the way for a loan tranche under the IMF’s Stand-By Arrangement of $3 billion.
Additionally, the current account deficit stood at $74 million in October versus $46m in the preceding month, which helped sustain positive sentiments among investors.
Stocks in power, banking, fertiliser and cement sectors contributed to the KSE-100 index’s close on the higher side.
JS Global Capital Ltd said it expected range-bound activity to continue and recommended that investors should benefit from any downside in technology, cement and textile sectors as an opportunity to build positions.
As a result, the KSE-100 index closed at 57,371.59 points after gaining 293.63 points or 0.51pc from the preceding session.
The overall trading volume increased 40.9pc to over 1bn shares. The traded value increased 15.9pc to Rs19.3bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (254.2m shares), K-Electric Ltd (63.3m shares), Hum Network Ltd (38m shares), Fauji Foods Ltd (37.5m shares) and Silkbank Ltd (33.3m shares).
Companies registering the biggest increases in their share prices in absolute terms were Unilever Pakistan Foods Ltd (Rs499.85), Rafhan Maize Products Company Ltd (Rs207.16), Ismail Industries Ltd (Rs56.25), Sapphire Textile Mills Ltd (Rs42.43) and Pakistan Engineering Company Ltd (Rs40.99).
Companies registering the biggest decreases in their share prices in absolute terms were Colgate-Palmolive Pakistan Ltd (Rs34.71), Bata Pakistan Ltd (Rs32.44), Philip Morris Pakistan Ltd (Rs23.99), Hinopak Motors Ltd (Rs13.80) and Pakistan Tobacco Company Ltd (Rs10.01).
Foreign investors were net buyers as they purchased shares worth $0.9m.
Published in Dawn, November 22nd, 2023
