Pakistani stocks rise despite upbeat economic data

KARACHI: Pakistan’s stock market saw a resumption of earnings season on Wednesday as investors weighed in on surging global equities and strong data of $31.3 billion in remittances for fiscal 2022.
Ahsan Mehanti of Arif Habib Corp said that after the International Monetary Fund (IMF) staff-level agreement to release the next tranche this month and reports of a 25.53% increase in textile exports in fiscal 2022 acted as a catalyst in the bullish close.
The Pakistan Stock Exchange KSE-100 equity index gained 0.17% or 70.63 points to close at 40,459.70. The KSE-30 equity index gained 0.28%, or 43.52 points, to close at 15,368.95 points.
A Pearl Securities analyst said the market continued to hover in the shadows of uncertainty as the dollar hit a fresh high of Rs225 in the interbank foreign exchange market.
“However, higher global oil prices boosted activity in the exploration and production (E&P) sector which added 71 points to the index, supporting sentiment,” he said. added.
In addition, the finance minister said that the government has started taking measures to control imports and reduce the trade deficit in the coming period, due to which a slight recovery was observed in the last hours of the session, he added.
Going forward, analysts expect the market to remain under pressure amid deteriorating fundamentals. Therefore, suggest investors adopt the “Sell on Strength” strategy in the coming sessions.
No less than 325 scripts were active, including 136 advanced, 169 rejected and 20 remained unchanged.
Ready market volumes were 141.74 million shares, compared to turnover of 194.86 million shares in the last trading session.
Companies that recorded the highest gains included Allawasaya Textile up Rs 189.45 to close at Rs 2,715.70/share, Rafhan Maize up Rs 150 to close at Rs 9,950/share.
The companies that recorded the most losses were Colgate Palm down Rs58.98 to close at Rs2,040.01/share, and Premium Textile down Rs56.25 to close at Rs730/share.
The highest volumes were seen at TPL Properties with turnover of 13.37 million shares. The certificate lost 35 paisas at Rs17.56/share, followed by WorldCall Telecom with turnover of 10.75 million shares. It earned 2 paisas to close at Rs1.27/share. Cnergyico PK remained third with sales of 7.95 million shares. He lost 2 paisas to finish at Rs5/share.

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