KARACHI: Reaching a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) and strong current account data boosted investors’ sentiment as a result the benchmark KSE 100-share index extended its overnight bull run.
Ahsan Mehanti of Arif Habib Corporation said the SLA has paved the way for the release of the last tranche under the current $3bn Stand-By Arrangement with disbursement early next month by the Executive Board of the Fund.
This positive development not only strengthened the rupee but also triggered a rally in dollar bonds advancing to a two-year high.
The current account posted a year-on-year $128 million surplus in February against a deficit of $50m. In January, the country recorded a gap of $303m.
Topline Securities Ltd said the index remained positive throughout the day, with intraday highs and lows recorded at 65,968 and 65,615 points, respectively.
Fertiliser and banking sectors contributed positively to the index as Fauji Fertiliser Company, Meezan Bank Ltd, National Bank of Pakistan, Packages Ltd and Engro Corporation added 151 points, cumulatively.
As a result, the KSE-100 index closed at 65,731.79 points after adding 229.20 points or 0.35 per cent from the preceding session.
The overall trading volume rose 5.74pc to 341.84 million shares. The traded value, however, tumbled 30.56pc to Rs11.84bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included Bank of Punjab (45.01m shares), WorldCall Telecom Ltd (34.43m shares), The Organic Meat (17.99m shares), K-Eectric (17.98m shares) and Kohinoor Spinning Ltd (17.82m shares).
Shares registering the biggest increases in their share prices in absolute terms were Nestle Pakistan (Rs90.00), Philip Morris (Rs39.89), Pakistan Engineering Company Ltd (Rs35.50), Shahmurad Sugar Mills Ltd (Rs29.50) and Packages Ltd (Rs29.08).
Companies registering the biggest decreases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs424.49), Siemens Pakistan Ltd (Rs14.43),
Gadoon Textile Mills Ltd (Rs12.40), Mehmood Textile Mills Ltd (Rs8.65) and Murree Brewery Company Ltd (Rs7.39).
Foreign investors remained net sellers as they offloaded shares worth $0.09m.
Published in Dawn, March 21st, 2024
