Daily Times

A s a result of news that government had agreed to IMF request to restart the stalled $6 billion Extended Fund Facility, market mood improved on the Pakistan Stock Exchange (PSX) (EFF). The KSE-100 index rose 117 points in the final trading session of the week.

During the first hour of trading, the index rose 44.85 points to reach an intraday high of 42,938.60 and a day-high of 43,187.12. (up by 203.67 points). In the second half of the trading day, however, profit-taking was observed, driving the benchmark index to an intra-day low of 42,938.60 points (down by 44.85 points).

On Friday, the KSE-100 gained 117.26 points, or 0.27 percent, to conclude the day at 43,100.71, its highest level ever. The S&P 500 dropped 0.89 percent on a weekly basis.

It helped restore investor confidence, according to Capital Stake’s post-market analysis, when the government announced it would comply with IMF requests.

Investors are still concerned about the government’s capacity to resuscitate the IMF programme, which has contributed to the market’s volatility. On the economic front, the government enacted a ban on the import of 38 non-essential luxury commodities, which is anticipated to save $6 billion a year in foreign money. Saving valuable foreign currency was a top priority for the former administration, according to Standard Capital Securities. “We believe this action would benefit local businesses, particularly those that are publicly traded,” it stated.

As a result of this agreement, Wood Group UK Limited has been designated as the Front End Engineering Design Contractor for Refinery Expansion & Upgrade Project by Pak Refinery Limited. “This project will boost the crude processing capacity from 50,000 barrels/day to 100,000 barrels/day,” said a notice from the company. Banking (30.53 points), oil and gas exploration (20.81 points) and investment banking (20.81 points) were the main drivers of the benchmark index’s rise (13.92 points).

The all-stock index saw a little increase in volume, rising from 187.1 million shares the day before to 189.9 million today. From Rs3.83 billion to Rs5.09 billion, the value of shares exchanged was reduced. There were 19.22 million shares of K-Electric Limited, followed by 17.01 million shares of Silkbank Limited and 16.46 million shares of Pak Elektron Limited. On Friday, shares of 321 firms were traded, with 179 seeing their prices rise, 107 seeing their prices fall, and 35 seeing their prices remain steady.