Stocks rally 294 points on economic triggers

Share prices continued their upward trajectory on Tuesday on positive developments on the macroeconomic front. Topline Securities Ltd said the positive momentum was driven by the tentative scheduling of the Executive Board’s meeting of the International Monetary Fund (IMF) for Dec 7. The board is expected to approve the staff-level agreement with Pakistan, which will pave the way for a loan tranche under the IMF’s Stand-By Arrangement of $3 billion. Additionally, the current account deficit stood at $74 million in October versus $46m in the preceding month, which helped sustain positive sentiments among investors. Stocks in power, banking, fertiliser and cement sectors contributed to the KSE-100 index’s close on the higher side. JS Global Capital Ltd said it expected range-bound activity to continue and recommended that investors should benefit from any downside in technology, cement and textile sectors as an opportunity to build positions. As a result, the KSE-100 index closed at 57,371.59 points after gaining 293.63 points or 0.51pc from the preceding session.