Reports about Saudi investment hike KSE-100 Index by 173 points

The reports about discussions over a $10 billion investment by Saudi Arabia helped the benchmark KSE-100 Index move upward by 173.75 points (0.42 percent) on Tuesday.

By the time trading was closed, the KSE-100 Index was recorded at 41,714.30 after a session which saw it vacillate between a range of 41,770.14 and 41,512.43.

Experts say the positive sentiments at Pakistan Stock Exchange a product of multiple factors: ongoing deliberations with Saudi Arabia over setting oil refinery as well as an oil deal with Russia, approval of $554 million package by the Asian Development Bank, and the recent auto sales data for November 2022.

The total volumes of the KSE-100 Index stood at 66.67 million shares, representing an increase of 31.9 percent when compared with the previous session’s volume of 45.40 million shares.

In terms of sectors, most of the positive contributions came from fertilizer, commercial banks, miscellaneous, technology, and tobacco which cumulatively added 235.64 points to the index.

Out of the 91 companies’ shares traded on Tuesday, 44 recorded gains, 43 sustained losses and four remained unchanged.

Meanwhile, the volume leaders on the benchmark index were: Pakistan Telecommunication Company Limited 15.37 million shares, Fauji Cement Company Limited 5.07 million shares, Unity Foods Limited 4 million shares, Habib Bank Limited 3.58 million and K-Electric Limited 3.30 million shares.

The shares which gained the most during the session included: Pakistan Services Limited 7.50 percent, Pakistan Tobacco Company Limited 5.79 percent, Engro Corporation Limited 3.30 percent, Atlas Honda Limited 2.61 percent and ICI Pakistan Limited 0.98 percent.

However, Honda Atlas Cars (Pakistan) Limited 2.27 percent was biggest loser in terms of share price value followed by Kohat Cement Company Limited 2.14 percent, Indus Motor Company Limited 0.87 percent, Millat Tractors Limited 1.20 percent and Highnoon Laboratories Limited 0.57 percent.

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