Stocks surge 729 points on renewed IMF loan hopes


KSE- 100  indicator was at points at 1213 pm.  request performing well after PM's IMF programme statement. " transnational lender has said it stands with Pakistan," says PM.   KARACHI Stocks surged on Wednesday amid  sanguinity the International Monetary Fund’s( IMF) stalled loan programme would soon be on track as the government had eventually put its shoulder to the wheel to get it going as the frugality verges on a collapse.   The Pakistan Stock Exchange’s( PSX)  standard KSE- 100 Shares Index gained a whopping729.25 points or1.87 to close at points.   Arif Habib Limited( AHL) in a report said another bullish session was taped  moment at the PSX as the  request  proceeded  with the same auspicious outlook as the  former  ending.  " The  indicator opened in the green zone, with the bulls taking charge throughout the trading session, gaining889.97 points during intraday trade, ” the brokerage said.   The AHL report attributed this rally to the government’s  resoluteness to take  each- out measures to revive the IMF programme as reportedly the profitable Coordination Committee( ECC) in its coming meeting was set to raise gas tariffs,  aiding in the resolution of the gas  indirect debt in  agreement with IMF conditions.   Volumes remained elevated across the board, with the cyclical sectors dominating the volume board, the report said.   Sectors contributing to the performance included banks(290.6 pts), fertiliser( 106. pts),  disquisition and  product(98.8 points), cement(49.9 points), and technology & communication(32.0 points).   Volumes increased from179.8 million shares to269.5 million shares, up49.9, while the average traded value also increased by65.7 to$45.8 million as against$27.6 million.   Stocks that contributed significantly to the volumes are WorldCall Telecom, TPL parcels Limited, Pakistan Petroleum Limited, Sui Northern Gas Pipelines, and TRG Pakistan.   Topline Securities attributed the bullish sentiment to PM’s  station that the government would try to meet all thepre-requisite conditions to bring IMF to the table for the completion of 9th review.  " Investors  decided to hunt values across the board, especially in  named stocks of fertiliser, banks, and technology. That's why stocks from these sectors contributed  appreciatively to the  indicator," the brokerage said.   Engro Corporation, Habib Bank Limited, United Bank Limited, MCB Bank, and TRG Pakistan added 350 points, cumulatively, to the  indicator. On the flipside, System Limited, Pakistan Services Limited, and Engro Fertiliser Limited together lost 26 points.   Pakistan- Kuwait Investment Company Head of Research Samiullah Tariq said the  request was over on expedients of the IMF deal and resolution of gas  indirect debt,".   Capital  request expert Saad Ali said that the PSX was performing well due to the  sanguinity around IMF after Prime Minister Shehbaz Sharif's statement that the government is" willing to do anything" to  renew the programme.   A day  before, PM Shehbaz said that the government told the Fund that it" wants to complete the programme" amid the country's  critical need to  induce$ 10 billion in foreign loans for the remainder of the current  financial time to  help  dereliction.   “ In a clear communication, the  transnational lender has said it stands with Pakistan, ” the  high minister quoted the IMF as saying.   He added that the government told the IMF that it wanted to conclude the terms through accommodations without any  detention so that Pakistan could move ahead. 

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