Stocks climb up by 1,216 points on Saudi support

Stocks climb up by 1,216 points on Saudi support

KARACHI: The stocks climbed up by 1,216 points on Monday following cabinet approval for Saudi Arabia’s $3 billion support package.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,330 points as against last Friday’s closing of 44,114 points, showing an increase of 1,216 points or 2.8 per cent.

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.

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