Pakistan stocks gain 634 points on Saudi Arabia’s deposit pledge

KARACHI: Pakistan stocks gained 364 points on Thursday as Saudi Arabia agreed to make additional deposits.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,351 points as compared with previous day’s closing of 39,717 points, showing a gain of 634 points.

Analysts at Arif Habib Limited said that the bulls triumphed at the PSX during the day.

The benchmark KSE-100 index opened in the green and remained so throughout the trading session, as investors celebrated Saudi Arabia’s announcement of a $2 billion additional deposit, removing a major stumbling block in unlocking the long-overdue tranche of the IMF’s Extended Facility Fund.

Investor participation grew significantly as the index made an intraday high of 657.18 points, as investors opted to add value to their portfolios with the E&P and Cement sectors staying in the spotlight.

Sectors contributing to the performance include E&P’s (+202.2 points), Fertilizer (+85.4 points), Cement (+75.7 points), Technology & Communication (+60.2 points), and Commercial Banks (+49.8 points).

Volumes increased from 86.7 million shares to 171.4 million shares (+97.6 per cent DoD). The average traded value also increased by +110.7 per cent to USD 17.8 million as against USD 8.4 million.

Stocks that contributed significantly to the volumes are SILK, PPL, TELE, OGDC and WTL.