Shares at the Pakistan Stock Exchange (PSX) traded in the green on Monday, gaining more than 800 points in intraday day and crossing the 69,000 barrier.
Previously, the index had made headlines for crossing the 68,000 mark which Arif Habibi Limited had called its “highest-ever closing”. Analysts had attributed the gains to “aggressive buying” in the pharmaceuticals, and exploration and production stocks.
Today, the benchmark KSE-100 index gained 842.45 points, or 1.23 per cent, to stand at 69,259.23 — yet another record high — at 12:05pm from the previous close of 68,416.78.
Analysts, attributed the upward trajectory to “positive news about [potential] Saudi investment in Reko Diq, resulting in a strong performance for oil and gas stocks”.
Last week, news reports suggested that Saudi Arabia was likely to invest $1 billion in the Reko Diq project.
Analysts, said that “encouraging developments with the International Monetary Fund (IMF) and expected investment by Saudi Arabia in Reko Diq project kept the sentiments positive in the market with low turnover ahead of the Eid holidays”.
“The market momentum is bullish as the prime minister is visiting Saudi Arabia and there are hopes of some potential bilateral agreements,” they said.
The top sectors in today’s rally were noted to be technology and communication, power generation and distribution, refinery, and transport.