Bullish trend continued on the Pakistan Stock Exchange (PSX) on the second consecutive day on Thursday as the investors weigh $6 billion Saudi bailout package for Pakistan.
The investors’ enthusiasm over the bailout package was somehow dampened by the news relating cabinet’s approved to hike in power tariff and global equities selloff.
The market opened in the green on Thursday and within 10 minutes of the trading, the index gained nearly 450 points. At one point during the trading, the index gained nearly 800 points. During the trade, the market crossed the psychological barrier of 40000 points level.
However, the market could not sustain the momentum and in the last session, the market fell below the psychological barriers of 40000 points. At the close of the trade, the benchmark KSE 100 index of the market closed 360 points up to settle at 39631 points level.
During Thursday’s trading, some 200,457,050 shares changed hands at the market.
Commenting on Thursday’s trading senior analyst and chief executive officer of Arif Habib Corp Ahsan Mehnati said that stocks closed higher amid higher trades, as investors weigh $6bn Saudi package to lessen IMF burden.
He added that the cabinet approval to hike in power tariff and concerns for global equities sell off and weak global crude oil prices invited midsession pressure.
He added that the expected reduction in external imbalances, likely surge in foreign reserves and remittances in FY19 and Finance Minister assurances for carrying forward of past trading losses at PSX played a catalyst role in bullish close.