Share prices rally at PSX after Pak-Saudi landmark defence pact

Share prices rallied at Pakistan Stock Exchange (PSX) on Thursday following the signing of landmark strategic mutual defence pact between Pakistan and Saudi Arabia, reported 24NewsHD TV channel.

A day after a dull session, bulls came back lifting PSX’s benchmark KSE-100 index by 1,775.65 points or 1.12 percent points. The index ended the day at 157,953.46 points.

Buying interest was observed across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, refinery and power generation. Index-heavy stocks, including HUBCO, ARL, MARI, OGDC, POL, PPL, PSO, SSGC, HBL, MEBL, MCB and UBL traded in the green.

In a major development, Pakistan and Saudi Arabia had signed “the Strategic Mutual Defence Agreement (SMDA)” on Wednesday during Prime Minister Shehbaz Sharif’s visit to Riyadh. The agreement clearly states: “Any aggression against either country shall be considered an aggression against both.”

On Wednesday, the PSX had witnessed an active yet cautious trading session marked by heavy investor participation but little movement in market direction. The benchmark KSE-100 Index closed almost flat, shedding just 3.12 points to settle at 156,177.82 points.
 

Reporter Kavish Memon