Stock Market in Pakistan risen 444 points as a result of positive financial performance 

KARACHI: Higher trades on financial results predictions and optimism for the delivery of the International Monetary Fund (IMF) tranche this week helped the Pakistani stock market close in the green territory on Wednesday.

“Surging global crude oil prices, data showing 19% year-on-year increase in oil sales in January 2022, and hoped of a favourable outcome of the Prime Minister’s visit to China all played a catalytic role in the optimistic closing, ” Arif Habib Corp’s Ahsan Mehanti said.

As many as 381 scrips were active of which 269 advanced, 91 declined and 21 remained unchanged.

The ready market volumes stood at 360.80 million shares, compared with the turnover of 312.5 million shares in the last trading session.

“The local equity continued its bullish momentum as the IMF board is likely to approve a $1 billion tranche in the meeting scheduled today. Further, the market participant’s interest was kept upward followed by the issuance of $1 billion Sukuk in the international markets,” an analyst at Pearl Securities said.

Going forward, the analysts expect the IMF meeting’s outcome likely to be a key booster for the investor’s sentiment, and suggest investors adopt a buy on dip strategy in the ongoing week.

The companies which reflected the highest gains, included Ismail Ind up Rs32.79 to close at Rs470.07/share, and Mari PetroleumXD up Rs31.89 to close at Rs1,699.90/share.

The companies which reflected the most losses, included Sapphire Textile down Rs21.22 to close at Rs1,001.78/share, and Sapphire Fiber down Rs67.42 to close at Rs831.58/share.

The highest volumes were witnessed in Hum Network with a turnover of 48.78 million shares. The scrip gained 45 paisas to close at Rs7.65/share, followed by Telecard Limited with a turnover of 28.28 million shares as it gained 77 paisas to close at Rs18.42/share. Treet Corporation remained the third with a turnover of 26.31 million shares. It gained Rs1.37 to finish at Rs42.31/share.