From Dawn: 2024-05-14 22:24:13

Pakistani stocks hit an all-time high above 74,000, driven by Citibank’s expectations of a $8 billion IMF loan by July and interest rate cuts. Plans to privatise state-owned enterprises and SBP’s growth forecast also buoyed the market. April auto sales numbers showed signs of industry turnaround.

Market momentum remained strong with talks for an extended IMF fund. Automobile sector saw investor interest with stable rupee and expected rate cuts. Indices hit new highs with fertiliser, E&P, and banking sectors leading gains. TRG Pakistan, Dawood Hercules, and Interloop Ltd saw some selling pressure.

Trading volume fell by 20.42% and value by 8.67%. Top traded stocks include Cnergyico PK, Worldcall Telecom, and K-Electric. Ismail Industries, Mari Petroleum, and Exide Pakistan saw significant price increases. Nestle Pakistan, Rafhan Maize, and Hallmark Company saw price decreases. Foreign investors remained net buyers.



Read more at Dawn: Stocks settle above 74,000 for first time – Newspaper