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Shaukat Tarin’s remark on the International Monetary Fund (IMF) sends stocks up 504 points

On the strength of a favourable news pertaining to the reopening of the International Monetary Fund (IMF) loan programme, the bullish momentum on the Pakistan Stock Exchange continued for the second consecutive day on Tuesday.

Investors applauded Finance Minister Shaukat Tarin’s comments that a delay of two to four days in the ratification of the Finance Supplementary Bill 2021 would not be a concern for the IMF programme, according to Topline Securities.

As a consequence, the KSE-100 index rose 503.95 points, or 1.12%, to end at 45,390.84 points on Tuesday.

Also read: Only once prerequisite actions are completed can the IMF sanction a tranche: govt

Market participation increased 92.64pc to 375.98 million shares while the value of traded shares went up 96.12pc to Rs6.51 billion.

Sectors contributing the highest number of points to the benchmark index included technology and communication (112.42 points), cement (72.13 points), oil and gas exploration (59.33 points), power generation and distribution (41.62 points) and pharmaceutical (35.87 points).

Stocks that contributed significantly to the traded volume included Unity Foods Ltd (25.72m shares), TRG Pakistan Ltd (23.01m shares), WorldCall Telecom Ltd (22.05m shares), TeleCard Ltd (20.98m shares) and First National Equities Ltd (19.77m shares).

Shares contributing positively to the index included TRG Pakistan Ltd (56.89 points), Systems Ltd (39.84 points), Lucky Cement Ltd (33.37 points), The Hub Power Company Ltd (30.85 points) and Unity Foods Ltd (23.82 points).

Stocks that took away the maximum number of points from the index included Engro Corporation Ltd (8.21 points), Kohinoor Textile Mills Ltd (5.93 points), United Bank Ltd (5.69 points), Interloop Ltd (5.06 points) and Bank Alfalah Ltd (4.07 points).

Also read: Only Rs2 billion would be felt by the average man, according to Tarin, who calls the IMF’s initiative “essential for the economy”

Stocks recording the biggest increases in percentage terms included Unity Foods Ltd, which went up 7.47pc, followed by National Refinery Ltd (5.62pc), Avanceon Ltd (5.57pc), Jahangir Siddiqui and Company Ltd (4.94pc) and TRG Pakistan Ltd (4.28pc).

Foreign investors were net buyers as they purchased securities worth $5.4m.

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