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.

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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.

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