Pakistan stocks gain 764 points on Saudi help reports

Pakistan stocks gain 764 points on Saudi help reports

KARACHI: Pakistan stocks gained 764 points on Monday as investors took positive the news regarding monetary help from Saudi Arabia.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 43,622 points from last Friday’s closing of 42,855 points, showing a gain of 764 points.

READ MORE: Weekly Review: stock market likely to move in positive zone

Analysts at Arif Habib Limited said that bulls triumphed today with gains of 1.78 per cent to close at 43,622 points.

“Pakistan is now +22 per cent in USD terms in August and tops the global performance table during the period,” the analysts added.

KSE-100 index remained in the green zone throughout the day as value buying was witnessed across the board.

READ MORE: Weekly Review: market likely to continue positive sentiments

The investors gained confidence after news regarding monetary help from Saudi Arabia and the PKR continued its winning streak against the USD.

Volumes remained healthy in the main board although hefty volumes were witnessed in the 3rd tier stocks driving traded value to USD 78 million.

Sectors contributing to the performance include Banks (+234.6 points), Cement (+96.3 points), Technology (+67.3 points), Fertilizer (+40.3 points) and Textile Composite (33.0 points).

READ MORE: Pakistan stocks up 671 points on continuous rupee gain

Volumes increased from 373.9 million shares to 541.5 million shares (+44.9 per cent DoD). Average traded value also increased by 58.6 per cent to reach US$ 78.7 million as against US$ 49.6 million.

Stocks that contributed significantly to the volumes are KEL, PRL, WTL, TELE, and CNERGY while value leaders were TRG, LUCK and NRL

READ MORE: Pakistan stocks gain 357 points as rupee continues recovery