In celebration of the resolution of the no-confidence motion against Prime Minister Imran Khan, shares of the Pakistan Stock Exchange skyrocketed on Monday.
Due to rupee’s depreciation against the US dollar, the market opened on a positive note, shifted between the green and red territories for 40 minutes. And then remained positive throughout the session. The investors welcomed the announcement of upcoming Asian Development Bank (ADB) funds worth $2.5 billion for the fiscal year 2022-23, out of which $1.5-2 billion will be available in the current calendar year.
Additionally, the release of remittances data for April 2022 gave investors confidence. For the first time in history, remittances crossed the $3 billion mark in a month, reaching $3.1 billion in April 2022 and supporting foreign exchange reserves and the rupee against the US dollar.
In the first 10 months of the current fiscal year (July-April) of 2021-22, Pakistani remittances grew by 7.6%. Remittances reaches $ 26.1 billion as compared to $24.22 billion over the same period of last year’s fiscal year.
According to the statement of monetary policy. The end goal of a mildly positive real interest rate on a forward-looking basis is now within reach.
Market participants, who had held off on stock purchases until they were sure of the policy rate direction, made fresh investments as a result of these developments, which helped propel the KSE index past the 44,000-point barrier on Wednesday.
Despite the optimistic momentum, the bourse succumbed to selling pressure on Thursday. As oil and gas marketing companies remained under pressure following the government’s decision to reduce petroleum product prices.
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Total shares worth in PSX
The total number of shares traded rose to 557.7 million versus 227.9 million on Friday PSX session. In terms of value, Rs13.4 billion worth of shares traded during the day.
Three hundred and eighty-six companies traded shares. The day ended with 330 stocks closing higher, 45 declining, and 11 remaining unchanged.
In terms of volume, WorldCall Telecom gained Rs0.4 to close at Rs2.13. While Cnergyis PK gained Rs0.8 to close at Rs6. While Fauji Cement gained Rs0.76 to close at Rs17.86.
National Clearing Company of Pakistan reported that foreign institutional investors bought Rs261.7 million worth of shares during the trading session.