PSX: Raging bulls seen in the bourse!

KARACHI: The bourse is bullish today following the IMF’s approval of $6 billion 200 million package for Pakistan.

Anticipating the approval of the package by IMF’s Executive Board, investors took interest in the bourse yesterday too augmenting the KSE-100 Index by 1.72 %. 

As a result of gaining streak PSX gained 995 points in the first three trading days of the week. Fertilizer, Banking, Exploration & Production and Cement Sectors led the gains. In Cement Sector DG Khan and Maple Leaf hit their upper lock while Lucky surged 2.96pc. Anticipation apropos Gas Infrastructure Development Cess resolution would have a positive impact on fertilizer shares. 

Investors had also shown interest in the auto stocks. Pak Suzuki and Honda Atlas hit their upper locks while Indus Motors experienced a gain of  1.5pc.  Lotte Chemical, TRG Pakistan, Unity Foods, Bank of Punjab and Maple Leaf contributed 29pc to the total volume.

Fauji Fertiliser, higher by 69 points, Pakistan Petroleum 48 points, Habib Bank 45 points, Oil and Gas Development Company 41 points and MCB 37 points. On the flip side, Pakistan Oilfields decrease by 7 points, Habib Metro 4 points, ICI 3 points, Systems Ltd 3 points and K-Electric 2 points were the major gainers. 

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.