Pakistan News

Index surges another 2.2pc on the back of Saudi bailout package

Index surges another 2.2pc on the back of Saudi bailout package

The Pakistan Stock Exchange (PSX) saw last week's heady optimism spill over into the new week, with the benchmark KSE-100 Index surging 897 points (2.21 per cent) to close above the 41,000 barrier at 41,454.

The day's lowest point for the index remained at its opening level of 40,556, and it marked a high just slightly above the day's close at 41,514.

"Today's total market participation of 460 million shares was highest since May 24, 2017, while traded value of $117m [Rs15.8 billion] was highest since January 24, 2018," Elixir Securities said in a note sent to investors.

Of the 393 scrips traded in the day, 250 closed positive, 128 declined and 15 closed unchanged.

The day's top symbols by volume were Bank of Punjab (up 7.92pc with 63.4m shares traded), K-Electric (up 4.67pc with 44.1m shares traded), Lotte Chemical (down 1.31pc with 35.4m shares traded), Power Cement (up 10.77pc with 24.8m shares traded) and Engro Polymer (up 4.98pc with 21.8m shares traded).

Commercial bank scrips saw the most trading activity (80.3m shares traded), followed closely by chemicals scrips (79.1m shares traded). Cements, power gen and engineering scrips rounded off the top three sectors by trading activity.

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