KARACHI: The Pakistan Stock Exchange (PSX) saw bullish trade on Monday as market concern about the IMF plan and Saudi Arabia’s $3 billion fund progressively dissipated.
The KSE-100 index moved steadily higher, reflecting investors’ confidence after Finance and Revenue Advisor Shaukat Tarin visited the stock market on Friday.
The bourse indicated investor confidence in the Saudi package as market participants added to holdings after the signing of an agreement between the SBP and the Saudi Fund for Development (SFD).
The drop in international oil prices also helped boost the optimistic feeling as the KSE-100 index reclaimed the 45,000-point level.
— PSX data site benchmark KSE-100 intraday trading curve
— PSX data site benchmark KSE-100 intraday trading curve
The benchmark KSE-100 index closed at 45,330.05.
According to Arif Habib Limited’s post-trade analysis, the benchmark KSE-100 index gained almost 1,200 points in intraday trading, surpassing the 45,000-point threshold.
The cabinet’s agreement to restart Saudi Arabia’s $3 billion assistance package for Pakistan in safe deposits and $1.2 billion in oil deliveries on delayed payments boosted investor confidence, according to the brokerage company.
However, it said that the attitude of investors towards the final leg of the foreign selling binge finished last week presented opportunities for intra-day traders.
Commercial banks (+283 points), cement (+211 points), exploration and production (+139 points), fertilizer (+100 points), and oil marketing businesses (+76 points) all performed well.
During the session, 358 stocks were traded. 263 scrips closed higher, 76 lower, and 19 were unchanged.
Overall trading volume fell to 268.2 million shares from 289.8 million on Friday. The day’s trading volume was Rs10.9 billion.
With 14.8 million shares traded, Fauji Foods lost Rs0.31 to settle at Rs0.82. TPL Properties (14.7 million shares traded) gained Rs2.57 to end at Rs45.80, followed by WorldCall Telecom (13.7 million shares traded) gained Rs0.01.