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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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An increase in tax was made on restaurant card payments.

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After 15 years, the SRB reduced the service tax that 58 hotels and restaurants in Karachi could have charged on debit and credit card purchases to 15%. This action is a part of the Sindh budget, which was designed to make eating out less expensive for customers.

Prior to this, Sindh’s tax on credit and debit card purchases was lowered from 15% to 8%.

Officials from the SRB have further stated that the service was made available for input adjustment of restaurant tax payments. With this step, businesses will be able to efficiently handle their tax responsibilities and the tax process would be made simpler.

Only a few eateries have been given authority to remove the lower tax rate, even though this tax facility has been reversed.

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The KSE-100 Index rises following a sharp decline in the previous session.

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The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

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In interbank trade, the US dollar crushes the Pakistani rupee.

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During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

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