Stocks rally 636 points after AIIB okays $500m
Bulls reigned supreme on the Pakistan Stock Exchange on Thursday following the announcement by Finance Minister Ishaq Dar about $500 million financing by Asian Infrastructure Investment Bank. According to Arif Habib Ltd, investors gained considerable confidence because of the promised fund under the Building Resilience with Active Countercyclical Expenditure initiative supported by Asian Development Bank. The session opened in the green zone and kept the bullish momentum throughout trading. The mainboard volumes increased dramatically while third-tier stocks also continued dominating the market. JS Global said investors should buy stocks in cement, technology and exploration and production sectors. As a result, the KSE-100 index settled at 42,901.27 points, up 635.91 points or 1.5 per cent from the preceding session. The trading volume increased 23.8pc to 293.9 million shares while the traded value went up 76.2pc to $46.1m on a day-on-day basis.