KARACHI: The stock market ended its losing run on Monday after witnessing a miniscule change amid easing of economic challenges and positive talks with the International Monetary Fund (IMF).
The benchmark KSE 100 index witnessed an increase of 33.67 points (0.08 percent) to close at 40,276.93 points. The indices reaches its highest level for 40,521.69 points but eventually settled down before trading was suspended. The total volume of scripts was 77.581 million valued at Rs3.877 billion.
Meanwhile, the KSE 30 index increased by 5.38 points (0.03 percent) and closed at 18,604.04 points. The total volume of scripts was 40.140 million. The top active stocks were Unity (5.74%), DGKC (-2.23%), Hascol (0.94%), HBL (4.15%), BOP (1.25%), AVN (2.19%) followed by MLCF (0.26%), FFL (1.32%) and Kapco (6.47%).
The stock market ended the preceding week on a positive note after a bearish run which saw investors dump shares for profit taking. The uncertainty over the talks with the IMF ended after the global financial institution released a positive outlook over Pakistan’s economic performance stating that considerable progress has been made in reforms and structural benchmarks have been met.
This turned the tables as the stock market recovered over improved investor sentiment. The global concerns over the coronavirus have been subdued as less number of cases are being reported. Investors were attracted to buy stocks across the board ahead of the announcement of financial results. The bullish global stocks and surging crude prices further boosted the stock market.
Finance adviser Hafeez Shaikh also announced that remittances grew to $13.3 billion between July-January of the current fiscal year, while the foreign reserves held by the State Bank of Pakistan (SBP) also increased by $157 million and stood at $12.43 billion. The government is expected the next tranche worth $450 million of the IMF bailout package in March.
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