KARACHI: Despite heigh­tened political tensions amid persisting unce­r­tainty over IMF loan appr­oval, the robust remittances, falling global crude oil prices and a likely third straight cut in interest rate boosted market sentiments, tossing the KSE benchmark index above 79,000 barriers on aggressive mid-session value-hunting.

Topline Securities Ltd said institutional buying in blue-chip stocks drove the market’s upward momentum.

Key heavyweights, such as Engro Fertiliser, United Bank, Bank Alfalah, Lucky Cement, and Habib Bank saw significant gains in their share prices, contributing 367 points to the index’s rise.

Investor interest was notably strong in the cement sector, ahead of the upcoming monetary policy meeting on Sept 12, where a rate cut is widely anticipated.

Ahsan Mehanti of Arif Habib Corporation attributed the bullish close to a 40pc year-on-year surge in remittances to $2.9bn in August and the finance minister’s commitment to institutional reforms under the new IMF programme.

He added that speculations over the SBP key policy rate, surging exports, and expected resolution of the external financing gap contributed to a positive close.

As a result, the KSE index hit an intraday high of 79,335.59 and a low of 78,642.87. However, it settled at 79,286.74 after staging a rally of 671.73 points or 0.85pc day-on-day.

The trading volume rose 3.37pc to 509.49 million shares, and the traded value increased by 35.93pc to Rs13.76bn day-on-day.

Stocks contributing significantly to the traded volume included WorldCall Telecom (117.01m shares), Kohinoor Spinning Mills Ltd (57.11m shares), Agrit­ech Ltd (18.16m shares), Pace Pakistan (17.72m shares) and Secure Logis­tics (14.85m shares).

The shares registering the most significant increa­ses in their prices in absolute terms were Hoechst Pakistan (Rs137.38), Unil­ever Foods (Rs68.99), Ser­vice Industr­ies(Rs41.19), Abbott Laboratories (Rs26.94) and Rafhan Maize (Rs23.61).

The companies that suffered major losses in their share prices in absolute terms were Hallmark Co (Rs104.68), Khyber Textile (Rs60.65), Leiner Pak Gelatine (Rs24.29), Nestle Pakistan (Rs19.99) and Colgate Pakistan (Rs10.80).

Foreign investors rema­ined net sellers as they offl­o­aded shares worth $1.75m.

Published in Dawn, September 11th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

From hard to harder

From hard to harder

Instead of ‘hard state’ turning even harder, citizens deserve a state that goes soft on them in delivering democratic and development aspirations.

Editorial

Canal unrest
Updated 03 Apr, 2025

Canal unrest

With rising water scarcity in Indus system, it is crucial to move towards a consensus-driven policymaking process.
Iran-US tension
03 Apr, 2025

Iran-US tension

THE Trump administration’s threats aimed at Iran do not bode well for global peace, and unless Washington changes...
Flights to history
03 Apr, 2025

Flights to history

MOHENJODARO could have been the forgotten gold we desperately need. Instead, this 5,000-year-old well of antiquity ...
Eid amidst crises
Updated 31 Mar, 2025

Eid amidst crises

Until the Muslim world takes practical steps to end these atrocities, these besieged populations will see no joy.
Women’s rights
Updated 01 Apr, 2025

Women’s rights

Such judgements, and others directly impacting women’s rights should be given more airtime in media.
Not helping
Updated 02 Apr, 2025

Not helping

If it's committed to peace in Balochistan, the state must draw a line between militancy and legitimate protest.