KARACHI: The Pakistan Stock Exchange (PSX) ended its post-election losing skid on Tuesday in a tumultuous session, with the benchmark KSE 100-share index closing in the green.
Topline Securities Ltd stated the benchmark KSE-100 index swung in both ways as investors were unsure who will form a new administration. As a result, the index fell 1,452.14 points to 59,613.18 in early trade. However, indications of some movement toward the creation of a PDM-style administration improved market optimism and helped the index regain lost ground, rising 589.34 points to 61,654.65 intraday.
The market opened on a gloomy note, with Oil and Gas Development Company and Pakistan Petroleum opening at lower levels following news that the IMF is not on board with the energy ministry’s tariff rationalisation and circular debt management strategy.
Similarly, the cement sector experienced a revival, with Pioneer Cement Ltd, Maple Leaf Cement, and Fauji Cement Company all posting increases of 3.19%, 3.09%, and 2.98%, respectively, resulting in a positive close.
Allied Bank Ltd published its 2023 results, which showed income each share of Rs36.07 and a cash settlement of Rs4 per share.
According to Ahsan Mehanti of Arif Habib Corporation, stocks recovered when MSCI, a worldwide index provider for passive investing, added 19 businesses to its Frontier Small Cap Index in its most recent quarterly index review.
He stated that reports of the IMF’s criticism of the caretaker government’s recommendations for electricity pricing rationalisation and the resolution of circular debt crises harmed market sentiment.
As an outcome, the KSE-100 index closed at 61,226.93, up 161.61 points or 0.26 percent from the previous session.
Stocks that contributed substantially to the traded volume comprised Pakistan K-Electric (65.82 million shares), WorldCall Telecom Ltd (30.09 million shares), Pakistan Refinery Ltd (28.60 million shares), Pakistan Petroleum Ltd (18.64 million shares), and Cnergyico PK Ltd (18.12 million shares).
Foreign investors stayed net purchasers, purchasing shares worth $0.17 million.
SOURCE: DAWN NEWS
