Daily Times

The Pakistan Stock Exchange (PSX) market remained positive throughout the session on Thursday where benchmark Index gained 434.58 points to close at 41,428.63 points level.

An equity analyst at Ismail Iqbal Securities attributed the positive sentiment to the news that deputy head of mission at Chinese embassy has stated that China is working out a financial support package for Pakistan which will be bigger than that offered by Saudi Arabia, the news that PM is likely to visit UAE on November 18, 2018 as part of the mission to seek assistance from friendly countries, and value hunting due to attractive levels.

Aba Ali Habib Securities’ analyst said bourse breathed a sigh of relief as Deputy Head of Mission at Chinese Embassy, Zhao Lijian, assured that a financial package is currently being worked to ease country’s exhausting foreign reserves. He added that the Chinese package will bigger than that of Saudi Arabia in terms of the financial grant. Investors’ confidence was further strengthened as Saudi envoy also informed that the first trench of USD 3 billion package will be disbursed soon.

Market traded positive for most part of the day as renewed buying interest in United Bank Limited (UBL) gaining 5 percent and Habib Bank Limited (HBL) gaining 4.9 percent kept the buying momentum going for the day. Investors cheered the decline in international coal prices to USD90.70/ton as active buying was witnessed in Cherat Cement Company Limited, Pioneer Cement Limited while Lucky Cement Limited also managed to shine amongst top performers.

On corporate front, Ghandhara Nissan Limited (GHNL) gained 5 percent following the announcement of launch of CKD Models of Renault trucks in Pakistan to capture the rising transportation demand on the back of CPEC transportation.

Published in Daily Times, November 16^th 2018.