KARACHI – Stocks showed sharp recovery after IMF approval on disbursement of $1.1b loan to Pakistan under extended fund facility on satisfactory economic performance and PTI decision to end country wide protests.
Oil stocks led the rally followed by selected scrips across the board after WTI crude oil jumped by over 7pc and sharp recovery in global equities expected to dampen foreign selling at KSE, said analyst Ahsan Mehanti at Arif Habib Corp.
The benchmark KSE-100 Index increased by 160.31 points to close at 30,827.45 points level. Recovery in global markets coupled with PTI announcement to end protest helped local equities. Payment of IMF tranche also helped investors confidence, said Samar Iqbal at Topline brokerage house.
The All-Share Index increased by 98.62 points and settled at end of day at 22397.74 points, KSE-30 Index rose by 110.80 points and concluded end of day at 19892.16 points while it’s junior partner KMI-30 Index augment by 524.89 points and closed at 49371.94 points. Higher and low were 31152.34 and 30667.14 respectively. Volumes slightly declined to 195m shares, while value increased to $109.7m (value PKR10.97b).
Total traded volume in the market was 216,223,212 and in term of exchange it was 13,067,443,494.
Total trade companies were 366 of which 200 were closed in advance, 142 in decline and 24 went unchanged. K-Electric Ltd led the market with volume 15,069,500 and price per share 8.65 (-0.04), WorldCall Telecom with volume 10,271,000 and price per share 1.64 (0.00), Maple Leaf Cement with volume 9,796,000 and price per share 41.48 (0.76) were stood second and third respectively. Colgate Palmolive with per share price 1796.11 (85.52) and Service Ind Ltd with per share price 935.27 (31.14) were the advancers. While Nestle Pak with price per share 8400.00 (-100.00) and Fazal Textile with per share price 811.25 (-41.55) were the decliners.