Stock market closes higher on improving economic indicators

KARACHI: Pakistan shares closed higher as investor confidence was boosted by the depreciation of the rupiah against the dollar, easing domestic political uncertainty and strong car sales data in March 2022.

Ahsan Mehanti of Arif Habib Corp said rising global crude oil prices and speculation over the likely release of the next International Monetary Fund (IMF) tranche played a catalytic role in the bullish close.

The Pakistan Stock Exchange KSE-100 equity index gained 0.69% or 318.93 points to close at 46,484.43 points. The KSE-30 equity index gained 0.76%, or 135.44 points, to close at 17,899.59 points.

Ready market volumes were 494.94 million shares compared to turnover of 474.58 million shares in the last trading session.

“A positive session was seen in the PSX due to the stability of the value of the rupee against the dollar. The rally was seen in the refinery sector due to the expectation of huge profits in the financial result ahead,” an analyst from Arif Habib Limited said.

“Core board activity remained lackluster as significant buying was seen in third-tier stocks. leads the market to close in the green zone,” he added.

Companies that recorded the highest gains included Nestlé Pakistan up Rs 104.99 to close at Rs 5,549.99/share, and AL-Ghazi Tractors up Rs 31.63 to close at Rs 453.38 /stock.

The companies that recorded the most losses were Colgate Palm down Rs 97.77 to close at Rs 2,222.23/share, and Bata (Pak) down Rs 179.99 to close at Rs 2,220.01 /stock.

The highest volumes were seen at Cnergyico PK with a turnover of 99.12 million shares. The certificate gained 94 paisas to close at Rs6.75/share, followed by WorldCall Telecom with revenue of 36.94 million shares. It lost 5 paisas to close at Rs1.93/share. Flying Cement remained third with sales of 33.86 million shares. He won 23 paisas to finish at Rs9.90/share.