Karachi: Positive momentum was witnessed at Pakistan Stock Exchange (PSX), with benchmark KSE-100 Index gaining over 633 points, as markets rejoice over reports regarding expected inflows from Saudi Arabia. Benchmark index opened in positive and remained so throughout trading session. At close, KSE-100 Index settled at 40,350.89, an increase of 633.74 points or 1.6 percent.

Across-the-board buying was witnessed with index-heavy sectors including, automobile, cement, chemical, commercial banks, oil and gas exploration companies and OMCs settling at gains.

Sectors driving benchmark index upwards included, oil and gas exploration (201.62 points), fertilizer (85.24 points) and cement (75.58 points). Volume on all-share index increased to 171.4 million from 86.7 million on Wednesday while value of shares traded surged to Rs 5.1 billion from Rs 2.4 billion recorded in previous session. Silk Bank Limited was volume leader with 21.3 million shares followed by Pakistan Petroleum Limited with 13.6 million shares and Telecard Limited with 11 million shares.

Shares of 320 companies were traded on Thursday of which 230 registered an increase, 70 recorded fall and 20 remained unchanged.

Analysts said that upward momentum in market was driven by reports suggesting that Kingdom of Saudi Arabia has assured International Monetary Fund (IMF) that it will deposit $ 2 billion in Pakistan, key step for revival of IMF’s bailout programme.

Published in The Daily National Courier, April, 07 2023

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