Oil and gas stocks drive PSX surge.

The Pakistan Stock Exchange's (PSX) benchmark KSE-100 index gained 635.9 points on Thursday, buoyed by buying in the oil and gas exploration sector.

The benchmark index was up 599.39 points, or 1.42 per cent, to reach 42,864.75 by 11:40am. It gained further in the day and closed at 42,901.27, up 1.5 per cent.

AKY Securities CEO Amin Yousuf said positive momentum was being witnessed in the market since morning, particularly on the back of trading in the oil sector.

He attributed this bullish trend to the upcoming visit of Saudi Crown Prince Muhammad bin Salman to Pakistan and the "expectation of $10 billion investment in a refinery", which was announced by Prime Minister Shehbaz Sharif last month.

Additionally, he said, there was a possibility of some more pledges for financial assistance after Prime Minister Shehbaz Sharif's visit to Egypt. "And it seems that China will also make some more pledges."

Moreover, he said, a refinery policy was also due and gas prices were expected to rise...

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