Stocks rally amid optimism over IMF deal

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KARACHI: Positive sentiments returned to the stock market on Monday after news reports of the likely resumption of the stalled lending program by the International Monetary Fund (IMF).

But contrary to expectations, there still hasn’t been a euphoric rally in stock prices, said Faisal Shaji, strategist at Standard Capital Securities.

The rise in the benchmark was mainly supported by soaring stock prices in the fertilizer sector. Investors surged higher as most key stocks in the sector will go ex-dividend on April 27.

“Most investors have resorted to profit-taking since the incumbent finance minister will resume subsidies at the request of the IMF ahead of any real IMF tranche,” he said.

As a result, the KSE-100 index came in at 46,073.25 points, up 520.23 points or 1.14% from the previous day.

Trading volume increased by 69.5% to 368.8 million shares while the value traded increased by 82.4% to 9.66 billion rupees on a daily basis.

Some of the stocks contributing significantly to the volume traded include Hum Network Ltd (46.87 million shares), Telecard Ltd (35.49 million shares), WorldCall Telecom Pakistan Ltd (31.98 million shares) , G3 Technologies Ltd (25.38 million shares) and Ghani Global Holdings Ltd (21.76 million shares). m shares).

The sectors that contributed the most points to the benchmark were fertilizers (156.91 points), commercial banking (72 points), technology and communication (58.40 points), chemicals ( 53.05 points) and electricity production and distribution (44 points).

The stocks contributing most positively to the index are Fauji Fertilizer Company Ltd (67.25 points), Systems Ltd (57.43 points), Engro Fertilizers Ltd (43.84 points), Engro Polymer and Chemicals Ltd (41.74 points) and The Hub Power Company Ltd (40.69 points). ).

The stocks that contributed most negatively to the index were Cnergyico PK Ltd (10.75 points), Maple Leaf Cement Factory Ltd (7.01 points), Pakistan Telecommunication Company Ltd (4.87 points), National Bank of Pakistan Ltd (4.05 points) and Fauji Fertilizer Bin Qasim. Ltd (4.05 points).

The stocks that recorded the largest percentage increases were Lotte Chemical Pakistan Ltd (7.47pc), Engro Polymer and Chemicals Ltd (6.17pc), Pakistan Tobacco Company Ltd (4.06pc), Fatima Fertilizer Company Ltd (3.69 pcs) and Systems Ltd (3.55 pcs).

Posted in Dawn, April 26, 2022

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