Bulls dominate as KSE-100 jumps over 700 points

ISLAMABAD: Bulls once again showed their horns on the trade floor on Friday after a week of uncertainty. The Pakistan Stock Exchange KSE-100 traded in the green throughout the morning.

According to the PSX website, the benchmark index made gains of 700 points at noon to reach

66,196.74 level, an increase of 746.56 points or 1.14%.

Across-the-board buying was witnessed with index-heavy sectors including automobile assemblers, cement, commercial banks, fertilizer, oil and gas marketing companies, oil and gas exploration companies, and refinery trading in the green.

On Thursday, the benchmark KSE-100 Index closed higher after back-and-forth trading and settled at 65,450.19, up by 170.03 points or 0.26%.

Experts said that momentum comes amid renewed interest from international companies in the country, raising hopes of increased foreign exchange inflows.

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Moreover, market remains confident amid an expected release of funds by the International Monetary Fund (IMF) next month, said experts.

The IMF’s executive board will meet on January 11 to consider the final approval to disburse the $700 million tranche from its current loan programme with Pakistan. In a positive development, Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd.