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Stock Exchange Stabilized, After Army Chief’s Visit To Saudi Arabia

The news about the army chief’s visit to Saudi Arabia rekindled hopes about the much-needed aid from the Middle East, the KSE-100 Index closed at 40,716.74 on Thursday with a gain of 177.44 points, or 44 %.

General Syed Asim Munir’s visit to Saudi Arabia gave confidence and boosted the market by creating positive sentiments, says Ali Nadeem, Head of Sales at National First Equity Limited (FNEL). In addition, his trip to Saudi Arabia is considered a positive sign that could lead to the Kingdom providing financial assistance.

Inter-Service Public Relations (ISPR) announced the army chief would visit Saudi Arabia and the United Arab Emirates from January 4 to 10.

In the statement, it was stated that Gen Asim Munir would meet senior leaders of both countries in order to discuss matters of mutual interest, military-to-military cooperation, and bilateral relations focused on security.

According to Finance Minister Ishaq Dar, Saudi Arabia and China are set to boost Pakistan’s foreign exchange reserves much before the end of this month.

He told a press conference in Islamabad that Pakistan’s foreign exchange reserves will be much better than you can imagine by the end of June.

During Sharif’s September visit, Dar recalled that China and Saudi Arabia agreed to increase their support for Pakistan, and the Saudi finance minister confirmed this to international media.

Saudi Arabia will increase its support earlier than the end of the month, and the Chinese loan rollover is also in progress.

The benchmark KSE-100 Index traded 61.92 million shares on Thursday, an increase of 1.21 percent from Wednesday’s 61.17 million shares.

Sector-wise, commercial banks, fertilizer, oil and gas exploration, marketing, miscellaneous, and technology collectively contributed 220.49 points to the index.

K-Electric topped the list with 18.61 million shares, followed by CNERGY at 8.53 million, BankIslami at 7.36 million, Sui Northern at 5.7 million, and Worldcall at 5.43 million.

The benchmark index included 86 companies, 43 of which fell, 40 increased, and three remained unchanged.

Pakistan Services Limited gained the most with a 6.53 percent increase in its share price, followed by Engro at 2.66 percent, Pakistan Petroleum at 1.80 percent, Oil and Gas Development Company at 1.55 percent, and International Industries at 1.53 percent.

During the day, the shares of the five worst-performing companies were: Atlas Honda at 5.92 %, Indus Motor at 3.54 %, K-Electric at 2.87 %, Rafhan Maize Products at 2.60 %, and Honda Atlas Cars at 2.59 %.

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