PSX keeps climbing for third session on IMF deal expectations

KARACHI: The bulls maintained their dominance at the Pakistan Stock Exchange on Wednesday as the KSE-100 index hit a record rising 973 points or (0.84%) closing at historic high of 117,974 level, driven by optimism over the imminent IMF Staff Level Agreement, analysts said.

The market continued its upward momentum, fuelled by strong buying activity from local institutions, peaking at 118, 244 points in intraday trading, Topline Securities stated.

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“Investors are optimistic about the successful outcome of the IMF progress first review for the release of US$ 1 billion funds along with disbursement of climate related flows. Hub Power gained the most as its partner company BYD unveils new battery technology it says can charge a vehicle in the same time it takes to fill up a petrol car,” Muhammad Awais Ashraf, Director Research at AKD Securities told Hum News English.

The rally was primarily driven by HUBC, MARI, ENGROH, SYS, and PPL, which together contributed 551 points to the index. On the other hand, FFC, EFERT, and POL exerted downward pressure, pulling the index down by 54 points.

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“Market is seeing positive sentiment for the last few sessions, market volume is increasing meaning buying activity is being witnessed, on the economic front the significant progress with the IMF bailout package and nearing Staff Level Agreement is another factor, lastly the positive news coming about the circular debt resolution are couple of factors due to the which market is performing well,” Sana Taqfiq, head of research at Arif Habib Limited told Hum News English.

Meanwhile, potential beneficiaries of the circular debt resolution remained in the spotlight, with the power generation companies maintaining momentum following news of past dues being cleared after PPA amendments for some, Ismail Iqbal Securities noted.

Overall, 543 million shares were traded, with a turnover of Rs 32 billion. PIBTL topped the volume chart with 52 million shares traded.

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