KARACHI: The KSE-100 index of the Pakistan Stock Exchange (PSX) rose by 491 points, 0.63%, on Wednesday closing at 78,890 after reaching an intraday high of 534 points.
This positive momentum followed the Finance Minister’s remarks that the International Monetary Fund’s (IMF) $7 billion extended fund facility (EFF) approval is on track, said Topline Securities. With Pakistan nearing assurances on external financing key stocks, including MARI, OGDC, EFERT, LUCK, and BAHL, drove the market’s rise, contributing 290 points to the index.
Trading was robust, with 969 million shares changing hands, amounting to Rs 17.5 billion. WTL led the volume with 234 million shares traded, according to the brokerage house.
The index opened on a positive note and remained volatile throughout the last trading session, according to AKD Research. The local bourse posted a high of 362 points, and a low of 32 points and concluded with a gain of 73 points to settle at 78,890 points.
Read More: PSX’s quiet session belies building momentum for next rally
Pakistan Stock closed bullish amid speculations on rate cuts in the State Bank of Pakistan SBP policy announcement on September 12 after consumer price index (CPI) Inflation stood at 9.6 per cent for August 2024.
The PM’s assurance on the government working on IMF terms to secure $7 billion EFF, and the foreign minister’s (FM) affirmation on financing assurances at advanced stages, the government plans for strategic sale of blue-chip state-owned enterprises (SOEs), and surging exports by 14 per cent for July-August 2024 played a catalyst role in bullish close.
The volumes witnessed in the last trading session decreased by 18% than the previous trading session. The Index is currently 13.0% above its 200-period moving average, according to AKD Research. Volatility is low when compared to the average volatility over the last 10 trading sessions.
“Volatility indicators reflect that volatility could increase along with sharp price fluctuations in the near future,” said AKD Research. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace, a neutral phenomenon.
The trend at PSX depicts that the index may find initial support near 78,200. A break below-mentioned support can result in further weakness towards the 77,800 and 77,500pts levels, according to AKD Research. Alternatively, the index can face resistance near 78,800 points initially and then head towards 79,100 and 79,400 areas.
 rose by 491 points, 0.63%, on Wednesday closing at 78,890){kind=link}