Bulls stage comeback at PSX amid IMF board meeting on May 9
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- Syed Raza Hassan
- Apr 29, 2025
KARACHI: Bulls regained their position on the trading floor on Tuesday at the Pakistan Stock Exchange amid positive news that the IMF Executive Board will discuss the first review of the ongoing EFF as well as the new USD 1.3 billion arrangement under climate resilience loan program on May 9th, analysts said.
The Index gained 808 points or 0.71% closing at 114,872 level on Tuesday.
Earlier, the benchmark KSE-100 Index witnessed some selling pressure during early hours of the trading sharply falling 1,128 points as fear of further escalation in geo-political tensions between India and Pakistan dampened investors sentiment, an analyst at Pearl Securities said.
Despite yesterday’s poor results, Engro Holding rebounded from a low, driven by hopes of better upcoming results for this quarter, fueled by expansion into the mobile tower business and incorporation of subsidiary losses in previous sessions, said Mohammad Rizwan, Director at Chase Securities.
The benchmark 100-Index closed in the positive zone after a volatile session, recovering yesterday’s losses as selling pressure eased and concerns over regional tensions showed no further escalations. This allowed investors confidence to stabilise, Ismail Iqbal Securities stated.
Trading volumes decreased to 185 million shares today as compared to 190 million shares in the previous session.
Gold prices in Pakistan surge again
In the banking sector, Askari Bank’s strong quarterly earnings garnered investor interest, with the stock closing at the upper circuit, and also helped investors assess the next quarters banking results might exceed market expectations, sparking interest in other banking stocks like MCB, HBL, and MEBL, which collectively contributed 139 points to the Index gain, Chase Securities noted.
Market value and volume traded were PKR 37.8 billion and 517 million shares, respectively.
In the last session, the Index closed in the negative zone, falling 1,405 points of (-1.22%) closing at 114,063 level amid geopolitical jitters that continue to shake the market.
