Finally, Saudi Arabia’s $3 billion support triggered KSX today

· 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 $1.2bn worth of oil supplies on deferred payments. Major dip in crude oil prices created positive momentum in the market despite emergence of a new variant of Covid-19. The perception of investors towards last leg of foreign selling spree being completed last week created opportunity for intra-day traders.

· The Index closed at 45,330 pts as against 44,114 pts showing an increase of 1,215.89.4pts (2.8% DoD). Sectors contributing to the performance include Commercial Banks (+283pts), Cement (+211pts), E7P (+139pts), Fertilizer (+100pts) and OMC’s (+76pts).

· Volumes decreased from 289.8mn shares to 268.2mn shares (-7.5% DoD). Traded value increased by 6.1% to reach US$ 61.9mn as against US$ 58.3mn.

· Stocks that contributed significantly to the volumes include FFLR1, TPLP, WTL, BYCO and FNEL.

Courtesy – AHL

Posted in Article & Features.

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