PSX gains 589 points on imminent IMF bailout

Benchmark index increases 589.44 points to settle at 34,896.55

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KARACHI
The stock market gained 589 points on Wednesday on positive expectations of IMF deal conclusion. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,897 points as against 34,307 points showing an increase of 589 points. KSE-100 index increased again by around 631 points during the session that was contributed mainly by Fertilizer and Banking sectors and was further supplemented by Cement sector.
Positive expectation of IMF deal conclusion today kept the sentiment elevated and helped the investors take bets on O&GMCs, Cement, Banks and Fertilizer. Cement sector dominated the volumes for better part of the day, however, Chemicals took over the ranking in the closing hour, where LOTCHEM generated most volume (11.6 million) followed by TRG (8 million).
Sectors contributing to the performance include Fertilizer (+140 points), Banks (+135 points), E&P (+81ps), Cement (+75 points), O&GMCs (+48 points). Volumes increased from 91 million shares to 130.3 million shares (+43 percent DoD). Average traded value also increased by 58 percent to reach US$ 30.5 million as against US$ 19.3 million.
Stocks that contributed significantly to the volumes include LOTCHEM, TRG, UNITY, BOP and MLCF, which formed 29 percent of total volumes. Stocks that contributed positively include FFC (+69 points), PPL (+48 points), HBL (+45 points), OGDC (+41 points) and MCB (+37 points). Stocks that contributed negatively include POL (-7 points), HMB (-4 points), ICI (-3 points), SYS (-3 points) and KEL (-2 points).
Overall, trading volumes increased to 130.4 million shares compared with Tuesday’s tally of 91.2 million. The value of shares traded during the day was Rs4.8 billion. Shares of 333 companies were traded. At the end of the day, 239 stocks closed higher, 81 declined and 13 remained unchanged.
Lotte Chemical was the volume leader with 11.7 million shares, gaining Rs0.91 to close at Rs17.18. It was followed by TRG Pakistan with 8 million shares, gaining Rs0.67 to close at Rs17.87 and Unity Foods with 7.4 million shares, gaining Rs0.13 to close at Rs11.17. Foreign institutional investors were net sellers of Rs144.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan. At the end of trading, the benchmark KSE 100-share Index recorded an increase of 589.44 points, or 1.72%, to settle at 34,896.55.

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