KARACHI: On Monday, the bulls made a comeback on the Pakistan Stock Exchange (PSX) in response to Finance Minister Ishaq Dar’s reassurance that Pakistan will not seek debt restructuring from the Paris club.
Market players were attracted by repeated assurances from Pakistan’s leadership that the country will not seek debt restructuring from Paris Club creditor nations.
In addition, Dar refuted market rumors that the government would prolong the maturities of its bonds, asserting that the nation will fulfill its multilateral, international, and bond commitments.
The benchmark KSE-100 index oscillated between optimism and pessimism, which ultimately released the bulls, who pushed the stock exchange into the green.
Investors kept a keen eye on the State Bank of Pakistan’s decision about monetary policy, which was ultimately maintained at 15% for the following seven weeks.
Since the morning bell rung, the KSE-100 index has risen, but there have been periodic declines. Midday saw a steepening of the downward trend, and bulls regained control.
The benchmark KSE-100 index finished at 42,211.64 points, a rise of 126.39 points (or 0.30%).
Topline Securities observed in its post-market comments that the KSE-100 index traded predominantly in the positive zone following Dar’s declaration that Pakistan does not intend to seek debt restructuring.
During the session, 336 different firms’ stock was exchanged. At the end of trading, 161 stocks were in the green, 149 were in the red, and 26 were unchanged.
Compared to Friday’s total of 313,34 million, overall trading volumes dropped to 240,19 million shares on Monday. The total value of shares exchanged throughout the day was Rs10.53 billion.
Worldcall Telecom was the volume leader, with 31.15 million shares changing hands, and it gained Rs0.03 to settle at Rs1.60. It was followed by Pak Elektron with 27.14 million shares changing hands, gaining Rs1.21 to end at Rs17.45, and TRG Pakistan with 26.74 million shares, gaining Rs7.29 to conclude at Rs151.45.