Stocks rally 529 points as political tensions ease
KARACHI: Retail investors exhibited on Thursday positive sentiments on the stock market owing to a favourable statement from the International Monetary Fund.
According to Standard Capital Securities strategist Faisal Shaji, investors expect the political situation to inch towards resolution after a month-long turmoil in Islamabad.
The market spiked after a sideways opening as Imran Khan vowed to hold another long march if the government failed to announce general elections following the dissolution of the assemblies within six days, said Topline Securities.
As a result, the KSE-100 index settled at 42,541.71 points, up 529.05 points or 1.26 per cent from a day ago.
The trading volume increased 44.6pc to 347.1 million shares while the traded value went up 19.4pc to $44.8m on a day-on-day basis.
Stocks contributing significantly to the traded volume included Pakistan Refinery Ltd (35.66m shares), Cnergyico PK Ltd (19.64m shares), Telecard Ltd (18.44m shares), Ghani Global Holdings Ltd (17.6m shares) and TPL Properties Ltd (16.75m shares).
Sectors that contributed the highest number of points to the benchmark index included technology and communication (156.71 points), cement (73.69 points), commercial banking (63.05 points), fertiliser (32.12 points) and oil and gas marketing (29.51 points).
Shares contributing most positively to the index included Systems Ltd (94.23 points), TRG Pakistan Ltd (38.83 points), Lucky Cement Ltd (33.56 points), United Bank Ltd (19.09 points) and Millat Tractors Ltd (18.46 points).
Stocks that contributed most negatively to the index included Colgate-Palmolive Pakistan Ltd (14.05 points), Allied Bank Ltd (13.74 points), Bank AL Habib Ltd (7.09 points), Indus Motor Company Ltd (6.36 points) and Service Industries Ltd (6.27 points).
Stocks that registered the largest increases in percentage terms were Pakistan Telecommunication Company Ltd (9.22pc), Avanceon Ltd (7.5pc), Systems Ltd (7.5pc), Pioneer Cement Ltd (5.67pc) and Cnergyico PK Ltd (5.67pc).
Foreign investors were net sellers as they offloaded shares worth $0.96m.
Published in Dawn, May 27th, 2022