KARACHI: Pakistan stocks rallied on Thursday after the country signed a loan agreement of about $2.3 billion with a consortium of Chinese banks.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,717 points as compared with previous day’s closing of 42,458 points, showing a gain of 259 points.
Analysts at Arif Habib Limited said that the KSE-100 index dominated by the bulls during the day.
Across the board rally was witnessed as Chinese consortium of banks signed an RMB 15 billion ($2.3 billion) loan facility agreement which resulted in recovery of Pak Rupee against USD. Volumes remained healthy across the board.
The IPP sector remained in limelight as Economic Coordination Committee (ECC) of the Cabinet approved Rs149 billion for the power sector to be paid to the IPPs and K-Electric in the current fiscal year.
Moreover, profit taking was observed in the last trading hour.
The Index closed at 42,716.97 points, up by 258.83 points (+0.61 per cent DoD). Sectors contributing to the performance include Power (+74.8 points), Banks (+52.2 points), Technology (+26.4 points), OMC’s (+25.9 points) and Cement (+15.0 points).
Volumes increased from 266.1 million shares to 349.5 million shares (+31.3 per cent DoD). Average traded value also increased by 19.7 per cent to reach US$ 48.9 million as against US$ 40.9 million.
Stocks that contributed significantly to the volumes are CNERGY, PRL, KEL, UNITY and TPLP.