PSX Stocks Rally After FATF Decision [Updated]

The Pakistan Stock Exchange (PSX) rallied in the week’s opening trading session after the Financial Action Task Force (FATF) removed Pakistan from its infamous Grey List on Friday. After opening trade at 42,213 points, the market showcased bullish sentiments, with the benchmark KSE-100 index gaining 458 points after rising to a high of 42,672 points in the first half hour of trade. Analysts believe the FATF ruling and the associated sentiment of imminent foreign investments were key drivers earlier today. At 10:15 AM, the KSE 100 index stood at 42,518 points, up by 304 points or 0.72 percent. Around 94.38 million shares were traded at the exchange, with 186 of the 242 active scrips advancing in value, 45 declining, and 11 remaining unchanged. It settled higher by 133.75 points at 42,347.23. The KMI 30 index went up by 242.64 points closing at 71,388.39, while the KSE All Share index surged by 68.78 points settling at 28,813.65. According to Capital Stake, overall market volumes depreciated from 289.25 million shares in the last session to 226.57 million shares. Topping the volume chart with 68.77 million shares traded was Worldcall Telecom Limited (WTL +4.61 percent), followed by Dewan Farooque Motors Limited (DFML +8.94 percent) and Pakistan Refinery Limited (PRL +0.56 percent). The scrips had 12.38 million shares and 9.54 million shares traded, respectively. Sectors painting the benchmark KSE 100 index in green included Technology & Communication sector (46.41 pts), the Fertilizer sector (40.89 points), and the Oil & Gas Exploration sector (24.35 points). Company-wise, TRG Pakistan Limited (TRG 39.18 points), Engro Fertilizers Limited (EFERT 25.23 points), and The Hub Power Company Limited (HUBC 19.92 points), were top points contributors. The Technology & Communication sector gained 1.35 percent in its cumulative market capitalization. Systems Limited (SYS 0.43 percent), TRG Pakistan Limited (TRG 3.14 percent), Avanceon Limited (AVN 0.20 percent), and Netsol Technologies Limited (NETSOL 1.15 percent) all closed in green. Equity markets around the globe showed a positive trend. Crude oil shed losses with WTI crude oil price falling by 1.90 percent to $86.13 while Brent crude was down by 1.48 percent to $93.78.