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PSX celebrates Saudi economic package with 1556pts gain

PSX celebrates Saudi economic package with 1556pts gain

KARACHI: Pakistan Stock Exchange (PSX) registered bullish trend as the benchmark 100-Index crossed 1500 points on Wednesday.

The market opened on a positive note and climbed more than 1,000 points within the first 10 minutes of trading. The benchmark moved 1,508 points to touch an intraday high of 39,223 points soon after 12 noon.

The power generation & distribution sector recorded the highest trading volume with K-Electric. Overall, trading volumes increased to 333.64 million shares compared with Thursday’s tally of 235.36 million. The value of shares traded during the day was Rs8.55 billion.

Shares of 385 companies were traded. At the end of the day, 327 stocks closed higher, 51 declined and 7 remained unchanged.

K-Electric was the volume leader with 68.49 million shares, gaining 0.71 paisas to close at Rs6. It was followed by BoP with 30.33 million shares, gaining 0.96 paisas to close at Rs11.79 and Lotte Chemical Pakistan Ltd with 25.45 million shares, gaining one rupee to close at Rs19.22.

According to market sources, Prime Minister Imran Khan’s visit to Saudi Kingdom and announcement of Saudi economic package for Pakistan is the major cause of positive sentiment in the PSX.

Saudi Arabia on Tuesday stepped forward with a six billion US dollars economic package for Pakistan.

The Saudi package includes $3bn balance of payments support and another $3bn in deferred payments for oil imports.

Saudi and Pakistani officials in this regard signed agreements on the sidelines of the second edition of the annual Future Investment Initiative (FII) Conference in Riyadh.