KARACHI: Stocks recovered for the second consecutive session on Tuesday, with analysts attributing the rise to expectations of “positive” developments during Prime Minister Shehbaz Sharif’s visit to China, among other factors.
The benchmark KSE-100 index gained 544.03 points, or 1.32 per cent, to close at 41,808.69 points.
It saw an intraday high of 568.77 points, or 1.38pc, around 3:30pm.
First National Equities Limited Director Amir Shehzad said a number of factors contributed to the market’s upward trajectory, including PM Shehbaz’s visit to China, during which the premier hopes to expand trade and investment ties.
Earlier today, the premier said his discussions with the Chinese leadership would focus on the “revitalisation of the China-Pakistan Economic Corridor (CPEC) among many other things”.
In addition, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud is expected to visit Pakistan soon during which is expected to announce a $10 billion investment for establishing an oil refinery in the country, Shehzad noted. Prince Salman’s upcoming visit, along with the intensity of the PTI’s long march being lower than expected and an 8.89pc decrease in coal prices in the international market on Monday had led to the stock market’s rise, and especially the cement sector’s strong performance, he added. “A rebound was expected because the market had been under pressure for some days. All these factors combined have led to an upwards trend.”
AKY Securities Chief Executive Officer Amin Yousuf said the index recovered on expectations the Chinese government would announce rescheduling of loans during the premier’s visit, and Saudi Arabia’s investment in a refinery in Pakistan.–Agencies
