Stocks rally 749 points on hopes of early IMF deal.
KARACHI -- Bulls ruled the trading floor at the Pakistan Stock Exchange on Tuesday as investors opted for value buying while expecting an early resumption of the International Monetary Fund (IMF) loan programme, said Arif Habib Ltd.
According to Standard Capital Securities Strategist Faisal Shaji, the expected inflow from the IMF propelled the stock market because it'll also pave the way for financial support from friendly countries.
Investors were wary initially owing to a continuous spike in the dollar rate against the local currency in the interbank market. However, retail investors gained confidence afterwards on the back of reports about dollar-based inflows, he said. Exporters will bring their dollars back once the flows from friendly states arrive, said Mr Shaji.
The KSE-100 index settled at 42,525.95 points, up 749 points or 1.79 per cent from a day ago.
The trading volume increased 85.4pc to 300.6 million shares while the traded value went up 92.9pc to $44.8m on a day-on-day basis.
Stocks contributing significantly to the traded volume included TPL Properties Ltd (23.68m shares), Pakistan Refinery Ltd (20.65m shares), Cnergyico PK Ltd (17.86m shares), Hum Network Ltd...
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