Stocks rise on financial assurances from friendly countries
KSE-100 index closes the day at 42,047 points, up by 191 points or 0.46%
November 07, 2022
- China, Saudi Arabia assure rollover of debt payments.
- Buying sentiment prevailed across the board.
- Over 240 million shares traded at the house.
KARACHI: Stocks printed decent gains Monday as pledges of financial assistance from friendly countries stoked investor risk appetite, but the trade was well-guarded as the political scene remains far from calm.
The KSE-100 index, the benchmark of the Pakistan Stock Exchange (PSX), closed the day at 42,047 points, up by 191 points or 0.46%.
Topline Securities in a note attributed the aforesaid positive sentiment to a $13 billion assurance with regard to the rollover of upcoming debt payments from China and Saudi Arabia.
“Buying sentiment was seen in play across the board,” the brokerage said.
Volumes decreased 19.4% from 298.1 million shares to 240.2 million, while value also eased 0.2% to $24.58 million as against $24.63 million.
WorldCall Telecom led the volumes chart with 43.5 million traded shares.
Stocks that contributed significantly to the volumes are WorldCall Telecom, Dewan Farooque Motors Limited, Hascol Petroleum, Sui Southern Gas Company Limited, and TPL Properties Limited.
Arif Habib Ltd in its market wrap said the new week got off to a solid start as the benchmark index opened and moved in the green zone throughout the day.
"Expectations of monetary inflows from Saudi Arabia and China and attractive valuations of stocks kept the investors involved in the market," the brokerage said.
The report added that the third-tier stocks enjoyed decent volumes, while overall volumes remained robust.
Major gainers and losers
During the day, technology, fertiliser, power, exploration, and production sector stocks contributed positively to the index.
TRG Pakistan, Engro Corporation Limited, Hub Power Company Ltd, Pakistan Oilfields Limited, and Pakistan Petroleum Ltd cumulatively added 70 points to the index. On the other hand, HabibMetro Bank, Engro Fertilizers Limited, and Thal Limited together lost 22 points.
