KARACHI: The stocks climbed up by 1,216 points on Monday following cabinet approval for Saudi Arabia’s $3 billion support package.
Analysts at Arif Habib Limited said that the KSE-100 index witnessed a bull-run as it gained more than 1,200 points in intraday trading to cross 45,000 points today, lifted by the cabinet approval to revive Saudi Arabia’s $3 billion support package for Pakistan in safe deposits and $1.2 billion worth of oil supplies on deferred payments.
A major dip in crude oil prices created positive momentum in the market despite the emergence of a new variant of Covid-19.
The perception of investors towards the last leg of the foreign selling spree being completed last week created an opportunity for intra-day traders.
Sectors contributing to the performance include Commercial Banks (+283 points), Cement (+211 points), E7P (+139 points), Fertilizer (+100 points) and OMC’s (+76 points).
Volumes decreased from 289.8 million shares to 268.2 million shares (-7.5 per cent DoD). Traded value increased by 6.1 per cent to reach US$ 61.9 million as against US$ 58.3 million.
Stocks that contributed significantly to the volumes include FFLR1, TPLP, WTL, BYCO and FNEL.