The stock market closes in the green on upbeat economic data

KARACHI: Pakistani stocks showed a rally on Monday on upbeat data regarding the reduction in the current account deficit in February 2022, the surge in global equities and the rise in global crude oil prices.

An analyst from Arif Habib Limited said the index remained in the green zone as the current account deficit (CAD) shrank 78% in February.

“The federal and provincial governments of Balochistan have signed a new agreement with Barrick Gold Corporation of Canada to extract gold and copper reserves from Reko Diq with an investment of $10 billion,” he added. .

“On the other hand, market activity continued to be sideways as the market saw strong volumes in third-tier stocks.”

The Pakistan Stock Exchange KSE-100 equity index gained 0.47% or 200.25 points to close at 43,230.22 points. The KSE-30 equity index gained 0.37%, or 60.14 points, to close at 16,494.20 points.

Looking ahead, analysts expect range-bound activity to continue in the coming sessions due to concerns over the economic outlook and geopolitical situation, recommending investors to maintain a strategy of buying on declines in the banking, exploration and production (E&P) and cement sectors.

No less than 317 certificates were active, including 165 advanced, 126 refused and 26 remained unchanged.

Ready market volumes were 124.94 million shares, compared to turnover of 180.43 million shares in the last trading session.

Companies that posted the highest gains included Unilever Foods up Rs 1,374.47 to close at Rs 23,249.50/share, and Wyeth Pak Ltd (XD) up Rs 93.07 to close at 2 Rs 095.95/share.

Companies that recorded the most losses included Sapphire Tex down Rs37.50 to close at Rs947.50/share, and Murree Brewery down Rs15.35 to close at Rs423.65/share.

The highest volumes were seen at Summit Bank with turnover of 16.07 million shares. The certificate gained 53 paisas to close at Rs2.86/share, followed by Hum Network with turnover of 8.92 million shares. It earned 24 paisas to close at Rs6.53/share. WorldCall Telecom remains the third with a turnover of 7.97 million shares. He lost 3 paisas to finish at Rs1.47/share.

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