Stocks rally 519 points after IMF deal announcement – Reuters

KARACHI: The equity market closed on a green note on Wednesday as investors reacted positively to the decision of the Cabinet’s Economic Coordinating Committee to approve a gas price increase of between 8% and 235% for domestic users and industrial.

As a result, Oil and Gas Development Company Ltd, Pakistan Petroleum Ltd and Sui Northern Gas Pipelines Ltd closed higher, Topline Securities said.

In the second half of trading, rumors that Pakistan had reached a staff-level deal with the International Monetary Fund (IMF) made the rounds, which propelled the index to an intraday high of 627 points.

“Investor sentiment going forward will be largely driven by positive news on the IMF front,” JS Global said.

As a result, the KSE-100 index came in at 41,862.77 points, up 518.76 points or 1.25% from the previous day.

Trading volume increased 66.3% to 164.8 million shares, while value traded increased 60.5% to $30.9 million on a daily basis.

Shares contributing significantly to trading volume included TPL Properties Ltd (14.94 million shares), Sui Northern Gas Pipelines Ltd (13.57 million shares), Oil and Gas Development Company Ltd (9.98 million of shares), Pakistan Refinery Ltd (6.56 million shares) and Saif Power Ltd (5.66 million shares).

The sectors that contributed the most points to the benchmark were commercial banking (140.36 points), oil and gas exploration (102.62 points), technology and communication (71.44 points), cement (64.96 points) and oil and gas marketing (35.18 points). ).

The stocks contributing most positively to the index are Oil and Gas Development Company Ltd (51.45 points), Pakistan Petroleum Ltd (45.33 points), Meezan Bank Ltd (43.9 points), TRG Pakistan Ltd (36, 27 points) and Lucky Cement Ltd (26.85 points). .

The stocks that contributed most negatively to the index were Engro Fertilizers Ltd (6.8 points), Abbott Laboratories Pakistan Ltd (4.8 points), Pakistan Oilfields Ltd (three points), Indus Motor Company Ltd (1.72 point) and Shifa International Hospitals Ltd (1.55 points). ).

Foreign investors were net buyers as they bought shares worth $0.43 million.

Posted in Dawn, July 14, 2022

Margie D. Carlisle