Daily Times

KSE-100 Index rose 0.29pc on Tuesday, following a two-session decline, as the International Monetary Fund (IMF) conditions for receiving the next loan tranche were met, reviving market optimism.

A meeting of the International Monetary Fund’s Board of Governors has been tentatively scheduled for late August once enough financial assurances are in place.

According to a report that Pakistan has met all preceding conditions for IMF loan disbursement, the KSE-100 index rose later on. The KSE-100 index closed Tuesday’s trading session up 115.65 points, or 0.29pc, at 40,191.61. However, the IMF’s comments boosted the KSE-100 and erased the losses, thus trading started off with a lull. Heavy buying activity was seen in the automotive, cement, chemical, and fertiliser industries

According to a report from Arif Habib Limited, the Pakistani rupee continued to exhibit resistance against the US dollar as more appreciation was noticed. PTI funding case was first seen as a negative, leading to an intraday low of 313 points. After ECP’s judgment was handed down, however, the market recovered to reach an intraday high of 382, according to the report.

The Ministry of Industries has convened a meeting of manufacturing businesses tomorrow to decide on a unified price of feed gas to streamline fertiliser manufacture, it claimed, sparking investor interest in the fertiliser sector. According to data from the State Bank of Pakistan, the Pakistani rupee gained Rs0.46 (or 0.19pc) against the US dollar on a day-to-day basis, closing at Rs238.38.

Meanwhile, the KSE-100 index gained 72 points from fertiliser, 45.71 points from chemicals, and 45.71 points from cement (37.03 points). The all-share index volume nearly quadrupled from Monday’s 110.42m to 217.5m. Similarly, the value of shares traded jumped from Rs3.72b to Rs6.33b in the preceding session.

TPL Properties had the most shares, followed by Agritech Limited and Pak Refinery, each with 22.63m, and 13.2m, respectively. On Tuesday, shares of 327 firms were exchanged, with 191 seeing their prices rise, 105 seeing their prices fall, and 31 seeing their prices stay the same.