Stocks add 149 points on strong earnings
The benchmark of the Pakistan Stock Exchange inched up on Wednesday on encouraging earnings announcements. Topline Securities Ltd said the bullish sentiment, which was influenced by the corporate results especially in the banking sector, played a significant role in creating positive vibes in the stock market. Investors exercised some caution in anticipation of the forthcoming announcement of the central bank’s policy rate decision, which is scheduled for next week. Furthermore, market participants were closely observing the impending evaluation of the Stand-By Arrangement (SBA) by the International Monetary Fund. Key sectors that contributed to the index rise were banking, oil and gas, technology and communication and cement. According to Arif Habib Ltd, the stock market looks “heavy” and is, therefore, failing to hold its highs. The KSE-100 index remains in a short-term range of 50,500- 51,500 points. “Breaking below 50,500 points will set up opportunities to reload for the move through 53,000 points,” it added.