Bulls led KSE-100 at second historic high, gains over 1500pts.

Byline: Zubair Yaqoob

Karachi -- Saudi Arabia's financial support package of $3B in deferred oil payment and another $3B in support of forex reserves did the magic on Wednesday. Although the visit was known to take place long time back, apparently the investors were not sure if the visit is going to conclude with positive outcome. The successful visit is expected to be followed by visits to Malaysia and China, where Chinese visit is also expected to raise another $2 $5B and ease the financial stress.

The benchmark KSE-100 went as high as 1581pts during the session and stood firm at 1450pts, with several of the stocks trading at upper circuit. Steel, Cement, Banks, O and GMCs led the index, whereas few stocks received bantering due to poor result expectations. High volume scrips include KEL (68M), BOP( 30M) and LOTCHEM (25M) shares. DOL had few shares traded on the bourse but was found in good demand with an ask at tomorrow's upper circuit. Among blue chip banks, UBL saw trading of 4.3M shares in the market at upper circuit and another 2.1M in NDM at 140. The Index closed at 39,271pts as against 37,714pts showing an ascent of 1556pts (+4% DoD). Sectors contributing to the performance...