Another bullish week on PSX.

KARACHI -- Share prices went up at the beginning of the outgoing week as the country expected to get financing from China ($9 billion) and Saudi Arabia ($4bn).

Arif Habib Ltd said the momentum carried on throughout the week on the news that Saudi Crown Prince Mohammad bin Salman was expected to visit Pakistan on Nov 21 and that his visit would coincide with various investment projects. The rupee was slightly down against the greenback as it closed at 221.95, down 0.1 per cent week-on-week.

In addition, foreign exchange reserves of the State Bank of Pakistan (SBP) went down to $7.9bn, down by $956 million from a week ago.

As a result, the index closed at 43,093 points after gaining 1,237 points or 2.95pc on a week-on-week basis.

Sector-wise, positive contributions came from commercial banking (368 points), oil and gas exploration (285 points), technology and communication (205 points), cement (80 points) and power generation and distribution (76 points). Whereas, sectors that contributed negatively were miscellaneous (87 points), automobile parts and accessories (three points) and food and...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT