· Another bullish session was taped today at the PSX. The market resumed with the same optimistic outlook as the previous closing. The index opened in the green zone, with the bulls taking charge throughout the trading session, reaching an intraday high of 889.97 points, accounting to recent developments in the revival of the IMF program, as the government appears to be taking all possible measures to revive the IMF program as it was reported that in the next ECC meeting gas tariffs will be raised, assisting in the resolution of the Gas Circular debt in accordance with IMF requirements. Volumes remained elevated across the board, with the cyclical sectors dominating the volume board.
· The index closed at 39,784.90 pts, up by 729.25 pts (+1.87% DoD). Sectors contributing to the performance include Banks (+290.6pts), Fertilizer (+106.pts), E&P’s (+98.8pts), Cements (+49.9pts), and Technology & Communication (+32.0pts).
· Volumes increased from 179.8mn shares to 269.5mn shares (+49.9% DoD). The average traded value also increased by 65.7% to USD 45.8mn as against USD 27.6mn.
· Stocks that contributed significantly to the volumes are WTL, TPLP, PPL, SNGP and TRG.
Courtesy – AHL