KDollar inflow statement propels KSE-100 Index by 489 points

The Pakistan Stock Exchange made a comeback Tuesday with the KSE-100 Index gaining 296.74 points, or 073 percent, as the news about foreign assistance coming out of the Geneva Conference resulted in positive sentiments in the market.

And the reports about Saudi Arabia’s Crown Prince Mohammed bin Salman also contributed to the trend: his direction to the authorities concerned to study increasing the kingdom’s investments in Pakistan to $10 billion and also to the Saudi Fund for Development (SFD) for increasing the Saudi deposit to Pakistan’s central bank to $5 billion.

Ali Nadeem – the Head of Sales at National First Equity Limited (NFEL) – said the market had been waiting for some good news about foreign reserves which had been dwindling to an alarming level. It was hoped that some of the pledges would materialise soon, thus releasing the pressure on the rupee, he added.

By the time trading was closed, the KSE-100 was recorded at 40,801.50 against Monday’s closing value of 40,504.76.

As far as the market capitalisation is concerned, the latest session increased the value to Rs6.49 trillion (Rs6,491,379,028,855 to be exact) against the previous level of Rs6.46 trillion (Rs6,460,895,107,908).

On Friday, the total volume of the benchmark KSE-100 Index stood at 115.52 million shares, around 17 percent increase from 97.52 million shares traded during the previous session.

In terms of sectors, most of the positive contributions came from sectors like power generation and distribution, food and personal care products, technology and communication, and property.

As far the volume leaders are concerned, CYNERGY topped the list with 18.02 million shares followed by Unity Foods 17.02 million, Pakistan Petroleum 9.19 million, K-Electric 6.72 million and Sui Northern 6.13 million.

Shares of 95 companies included in the benchmark index were traded Tuesday out of which 71 registered an increase, 21 recorded a fall and three remained unchanged.

It was the Pak-Gulf Leasing gained the most with an 18.87 percent increase in its share price followed by Javedan Corporation 7.50 percent, Unity Foods and Shakarganj Limited 7.43 percent each, and Cherat Cement 5.70 percent.

On the other hand, the shares of five worst performing companies during the day were: Rafhan Maize Products 4.70 percent, Murree Brewery 4.16 percent, Sui Northern 3.16 percent, Atlas Honda 2.73 percent and Services Industries 2.01 percent.

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