Stocks rebound as economic clarity emergesArchive
KARACHI: Bulls staged a comeback on Thursday as clouds of uncertainty hanging over the negotiations for financial assistance packages from Saudi Arabia and China dispersed providing some view on the progress.
Saudi envoy’s assurance of releasing the agreed $3 billion assistance in coming days and the Chinese deputy chief of mission stating that further modalities of support package were being worked out and that “it will be more than what extended by Saudi Arabia in terms of financial grant” went on to revive investors’ interest in equities.
The KSE-100 index gained 434.58 points (1.06 per cent) and closed at 41,428.63. After a hesitant start, the market was flooded with volley of buy orders and the index continued on an upward trajectory, making intraday high of 484 points in the lead of cement and banking sectors.
Investors’ appetite for cement stocks grew as international cold prices further fell. Commercial banks contributed the most with 214 points in the lead of heavyweight United Bank and Habib Bank, which hit their upper circuits.
Exploration and production sector saw recovery as crude oil prices rebounded while fertiliser sector also recorded gains with heavy volume in Engro Fertiliser, Fauji Bin Qasim and Fauji Fertiliser.