Stocks gain 112 points in range-bound trading

KARACHI: The Pakistan Stock Exchange (PSX), which traded within a narrow range on Tuesday, managed to end the session on a positive note.

On the economic front, the International

Monetary Fund’s mission chief said that Pakistan would soon receive a tranche of
$1 billion. According to an IMF report, Pakistan has committed to increasing
electricity prices further in August and is also bound to implement the Financial
Action Task Force’s 27-point action plan in three months’ time.

Meanwhile, the Asian Development Bank disclosed

that it has planned to extend up to $10 billion indicative lending to Pakistan,
including $2.1 billion disbursements during the current fiscal year, for
various development projects in the next five years after the government and
the bank held a series of country consultations to formulate a new Country
Partnership Strategy (CPS).

The KSE-100 Index marked its intraday low at 33,656.21

by midday. It then changed its path to touch an intraday high of 34,051.01,
before closing higher by 112.90 points at 33,855.58. The KMI-30 Index gathered
308.96 points to end at 53,730.30, while the KSE All Share Index settled at
24,805.89 after gaining 69.27 points.

The overall trading volumes improved slightly

from 59.55 million in the preceding session to 60.16 million. Lotte Chemical
Pakistan Limited (LOTCHEM 0.00pc) turned out as the volume leader with 6.24
million shares exchanging hands, followed by Maple Leaf Cement Factory Limited
(MLCF -0.39pc) and K-Electric Limited (KEL +1.00pc) with 5.61 million shares
and 3.79 million shares respectively.

Sazgar Engineering Works Limited (SAZEW -5.00pc),

through a notification sent to the exchange, announced the production and sales
figures for June 2019. According to the document, the company produced 655
units while it sold 1,420 units.