Stocks gain 191 points on expected $13bn from Saudi, China

The stock market opened the week in green owing to Finance Minister Ishaq Dar’s statement last week that Pakistan had secured about $13 billion in additional financial support from China and Saudi Arabia, analysts said. The benchmark KSE-100 index started gaining immediately after trading opened, rising to an intraday high of 351.11 points, or 0.84 per cent, around 10am. However, the market reversed some of its gains later in the day, settling at 42,047.36 points, up 191.05 points, or 0.46pc, from Friday’s close. Head of Equities at Intermarket Securities, Raza Jafri, said while the stock market rose in reaction to expected support from China and Saudi Arabia which would help the country’s balance of payments position, the gains were in check since political developments loomed large in the background. He was referring to the resumption of the PTI’s long march to Islamabad on Wednesday, which was halted last week after the assassination attempt on party chief Imran Khan. Aba Ali Habib Securities Head of Research Salman Naqvi seconded Jafri’s view, saying that besides China and Saudi Arabia, Pakistan was also receiving “good support” from other countries such as Qatar.