Market trended upward, with bulls taking their turn in PSX as IMF negotiations progressed.
PM Shahbaz Shareef plans to host a federal cabinet meeting tonight to disclose the outcome of IMF discussions. He is optimistic about the result of the IMF meetings and their favourable influence on the continuing economic crisis.
Meanwhile, finance minister Miftah Ismail reaffirmed his stance on the massive increase in fuel prices. According to the finance minister, the IMF money has nothing to do with the increase in gasoline prices, but is linked to global commodities prices.
PSX market on the other hand has seen a positive surge, investors participation has witnessed a hike as well owing advancement in IMF funds talk. The 100 index took a strong bounced back from 10EMA support levels amid expanding market participation. Towards the end the market settled at 42,526 levels with a net gain of 749 points or 1.79% .
Major upside contribution to the 100 index came from the SYS,TRG,LUCK,MARI,FFC,HBL,PPL,OGDC & EFERT contributed 321 points while on the flip side major downside contribution came from the UBL,MUREB,IGIHL,AKBL,DCR,KTML,BOP,GADT & PAKT took away 26 points from the index cumulatively.
Technically speaking, the 100 index staged a strong come back from the 10EMA support levels and after breaching 25EMA resistance levels of 42,268 settled at 42,526 points amid expanding market participation. Next possible resistance could be seen around 42,960 points levels (50EMA).
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