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The Pakistan Stock Exchange saw a positive session on Monday and the KSE-100 Index rose 0.15% as investors awaited the announcement of Pakistan’s staff level agreement (SLA) with the International Monetary Fund (IMF).
Last week, the Finance Minister, Ishaq Dar, said that the deal will be signed “soon” so the statement was encouraging for market participants.
At Monday’s close, the KSE-100 Index recorded an increase of 62.98 points or 0.15% to close at 41,856.85.
KSE-100 closes up 0.5% amid ‘hopeful revival of IMF programme’
Trading started with a sharp rise and the market was reaching an intraday high in the initial hours. The market erased some of the gains by the end of the day.
Oil and gas heavy space index closed with gains however auto, chemical and banking segments closed with loss.
A report from Arif Habib Limited said that a positive session was recorded in the PSX to start the week.
“The market opened in the green zone and traded with positive sentiments as bulls drove the index to make an intraday high of 497.90 points in the hope of getting the SLA agreement signed between the government and the IMF on the day Monday or Tuesday as indicated by the finance minister,” he said. “Investors remained optimistic throughout the trading session as healthy numbers were seen across the main board while the E&P sector remained in the spotlight.”
A report from Capital Stake said that PSX investors saw a ridiculous session on Monday.
“Indices were trading in the green for most of the day while volumes were trending from the last close,” he said.
On the economic front, the rupee came under pressure against the US dollar and depreciated Re0.84 and 0.3% in the interbank market on Monday to close at 281.61.
Volume on the all-share index rose to 289.3 million from 272.7 million on Friday. The value of traded shares rose to Rs10.3 billion from Rs6.8 billion recorded in the previous session.
Hascol was the volume leader with 42.5 million shares followed by Telecard Limited with 25.9 million shares and XD Oil and Gas Development Company with 18.5 million shares.
Shares of 340 companies were traded on Monday, of which 147 registered an increase, 169 recorded a fall and 24 remained unchanged.