KARACHI: The benchmark KSE-100 index increased by nearly 500 points on Thursday as a result of the news that Pakistan and the IMF have reached a staff-level agreement. This trend started in the trading session on Wednesday (IMF).
Market participants were drawn in by news of the eagerly anticipated revival of the IMF programme as well as the strengthening of the Pakistani rupee against the US dollar.
In anticipation of macroeconomic stability following the IMF programme’s resumption, investors decided to keep looking for value across the board.
The benchmark KSE-100 index increased by 486.14 points or 1.16 percent to close at 42,348.91 points.
Following the official announcement of the staff-level agreement with the IMF, which will enable $1.2 billion in disbursements under the Extended Fund Facility (EFF) programme, Topline Securities reported that the Pakistani stock market carried forward yesterday’s jubilant sentiments.
During the session, shares of 330 different companies were traded. 198 scrips closed in the green at the close of trading, 101 in the red, and 31 were unchanged.
Compared to Wednesday’s total of 164.82 million shares, the overall trading volume increased to 227.84 million shares. Shares traded during the day were worth Rs7.42 billion.
With 32.15 million shares traded, K-Electric had the most volume and increased by Rs0.16 to close at Rs3.08. TPL Properties, which had 14.15 million shares traded but lost 0.03 rupees to close at Rs20.59, and Sui Southern Gas Company, which had 9.15 million shares traded but gained 0.47 rupees to close at Rs10.57, were the next two.
