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Bulls stage comeback at PSX on Miftah’s cues

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  • At close, KSE-100 index closes at 42,525.95 points.
  • The index traded between hope and despair on IMF programme.
  • Shares of 341 companies were traded during the session. 

KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Tuesday cheering the finance minister’s assurance the much-awaited International Monetary Fund (IMF) programme will be revived within two days.

Constant assurance from the top leadership that the stalled $6 billion International Monetary Fund (IMF) programme will be revived this week strengthened investors’ sentiment as players cherry-picked stocks that lost valuation during the last bearish spell.

The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bulls, who pulled the bourse into the green.

Investors kept a close watch on economic news after the Pakistan rupee continued to break records by dropping to an all-time low of 211.48 against the US dollar in the interbank market.

The KSE-100 index gained since the morning bell rang, but some dips were seen at regular intervals. The uptrend turned steeper at midday as the index once again breached the 42,000-point mark.

At close, the benchmark KSE-100 index closed at 42,525.95 points after surging 748.97 points or 1.79%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that the bulls triumphed in the trading session at PSX today. “The benchmark KSE-100 index remained in the green zone throughout the day as value buying was witnessed across the board,” the brokerage house noted.

“The investors gained confidence in expectation of resumption of the IMF programme. Volumes remained healthy in the main board,” it stated.

Sectors contributing to the performance included technology (+136.6 points), exploration and production (+95.2 points), cement (+85.9 points), banks (+76.3 points) and fertiliser (+72.2 points).

Shares of 341 companies were traded during the session. At the close of trading, 268 scrips closed in the green, 49 in the red, and 24 remained unchanged.

Overall trading volumes rose to 300.59 million shares compared with Monday’s tally of 162.11 million. The value of shares traded during the day was Rs9.47 billion.

TPL Properties was the volume leader with 23.68 million shares traded, gaining Rs1.48 to close at Rs21.23. It was followed by Pakistan Refinery with 20.65 million shares traded, gaining Rs1.16 to close at Rs18.85 and Cnergy Limited with 17.86 million shares traded, gaining Rs0.35 to close at Rs5.66.

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Changes in the US dollar’s value are directly correlated with variations in gold prices.

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The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

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Pakistan pledged to finish building the TAPI gas pipeline.

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The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

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The price of gold is still rising in Pakistan.

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According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

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