KARACHI: The Pakistan Stock Exchange (PSX) on Monday skyrocketed as the benchmark KSE-100 index soared by a substantial 1,216 points to surge past the 45,000 point level on the back of $3 billion financial assistance from Saudi Arabia.
Investor optimism about the Saudi package was reflected at the bourse as market players took fresh positions on the back of an agreement that was signed between the State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFD).
Moreover, a decline in international fuel prices on Friday also contributed towards overall optimism in the market as it sparked hopes of normalisation of oil prices in the local market.
Trading began on a volatile note however the market climbed as participants cherry picked stocks that had fallen to attractive valuations on the back of the bear run last week. At close, the benchmark KSE-100 index soared 1,215.89 points, or 2.76%, to close at 45,330.05.
Sectors contributing to the performance included commercial banks (+283 points), cement (+211 points), exploration and production (+139 points), fertiliser (+100 points) and oil marketing companies (+76 points).
Shares of 358 companies were traded during the session. At the close of trading, 263 scrips closed in the green, 76 in the red, and 19 remained unchanged.
Overall trading volumes dropped to 268.2 million shares compared with Friday’s tally of 289.8 million. The value of shares traded during the day was Rs10.9 billion.
Fauji Foods was the volume leader with 14.8 million shares traded, losing Rs0.31 to close at Rs0.82. It was followed by TPL Properties with 14.7 million shares traded, gaining Rs2.57 to close at Rs45.80, and WorldCall Telecom with 13.7 million shares traded, gaining Rs0.01 to close at Rs13.7.
