KSE jumps 2.63 pct after IMF loan approval

Pakistan's Karachi Stock Exchange (KSE) jumped by over 500 points on Thursday after the International Monetary Fund's Executive Board approved 6.7 billion U.S. dollars loan for the Islamabad besides showing confidence in the country's ability to cope with the daunting economic challenges.The benchmark KSE 100-Index surged by 2.63 percent or 575.63 points to close at 22,451.46 points on Thursday as against 21,875. 83 points recorded on Wednesday.The KSE All Share Index ballooned by 2 percent or 316.22 points to end at 16,095.61 points, the KSE 30-Index bolstered by 2.81 percent or 477.33 points to conclude at 17,485.53 points, whereas the KMI 30-Index augmented by 2.78 percent or 1,042.85 points to finish the day at 38,519.35 points.The Karachi Stock Exchange started the day amid bullish moves and the trends kept gaining momentum all day long where during the final minutes the key index went on to hit an intraday highest point of 22,503.89 before closing below the psychological 22,500 points.Approval of much-awaited IMF loan with softer conditions generated euphoria at the local bourse where investors realized after reading IMF program that interest rate may not rise immediately thereby providing the much-needed boost to the equities that recently went under correction.Cement stocks, NML, NCL, PTC, PSO, MCB, Engro, Egoods closed at their upper circuit breakers.

Restructuring plan of Pakistan International Airlines also helped the stock to close at its upper cap.The market volumes improved by 68.947 million shares to 218.436 million shares, the market capitalization swelled by 108.688 billion rupees (1.086 billion U.S. dollars) to 5.532 trillion rupees, whereas the KSE trading value surged by 2.808 billion rupees on Thursday.As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the foreign investors have net divested a total of 271.250 million rupees in the month of September till Wednesday.In broader market, a total of 335 companies changed hands during the course of trading on Thursday where prices of 264 companies closed in green range, 49 finished in bearish lap, whereas values of 22 other scrips stayed unchanged at previous day' s levels.Fauji Cement was the top traded company of the day with volume of 27.576 million shares, followed by Maple Leaf Cement and Bank of Punjab with turnovers of 22.595 million shares and 17.886 million shares, respectively.Rafhan Maize Products XD emerged as the top price gainer of the day with increment of 232.40 rupees to close at 4,882.40 rupees while on the other hand Nestle Pakistan led the major price shedders of the day with decrement of 307.50 rupees to finish the day at 5,842.50 rupees.

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