Free float dollar helps buoy index by 1,000 points

The government’s decision to let the US dollar be traded at the market rate as demanded by the International Monetary Fund (IMF) and easing fears of poor supply of dollars, helped buoy market sentiment and saw a massive 2.67% increase of 1,061.63 points.

After a positive day where it gained around 600 points on Wednesday, the exchange opened at 39,784.90 points on Thursday morning.

The government’s decision to finally allow the dollar to be traded at market rates without restriction contributed to positive sentiment that drove the index up by 1,209.79 points through the morning and afternoon sessions to peak at a high of 40,994.69 points with some 235.306 million shares traded.

By the end of the day, however, the index had cooled but still closed a thousand points up at 40,846.53 points – up cumulatively 1,061.63 points.

Top advancers included defaulter stock Data Textiles Limited (DATM) which saw its share price increase by a rupee from Rs2.08 to Rs3.08, or 48.08%.

MetaTech Health Limited (META) saw its share price rise by a Re1 as well from Rs6.56 to Rs7.56, an increase of 15.24% with some 717,000 shares traded.

Asim Textile Mills Limited (ASTM) saw its share price increase by 55 paisas – or 9.48% – to Rs6.35.

It was followed by another defaulter stock of Ruby Textile Mills Limited (Ruby) which saw its share price increase by 30 paisas from Rs3.30 to Rs3.60, or around 9.09%.

Most active stocks included Cnergyico PK Limited (Cnergy) which saw some 43.574 million shares traded which contributed a 25 paisa increase in its share price, or around 6.65% to Rs4.01.

It was followed by TPL Properties Limited (TPLP) which saw 19.78 million shares trade hands while its share price rose by 30 paisas to Rs16.29.

Similarly, WorldCall Telecom Limited (WTL) saw around 13.336 million shares trade hands while its Rs1.21 share price saw a 1.68% increase in value.