On Thursday the stock market continued its bullish run as the investors remain optimistic after the approval for an equity bailout fund for the Pakistan Stock Exchange and news of Saudi Arabia activating the deferred oil payment for Pakistan.
The KSE-100 index jumped 750 points to reach 35,379 points, registering an increase of 2.18%. The market capitalization has also increased by Rs110 billion.
Analysts believe that the bearish trend is an effect of Pakistan getting oil from Saudi Arabia on deferred payments. Finance Adviser Abdul Hafeez Shaikh said on Wednesday that Saudi Arabia is starting deferred payment facility for petroleum products worth over $3billion per year for the next three years from July 1.
The buying trend has picked up on the reports of market support fund, said the analysts. In the last four days, the index has witnessed a growth of 2,150 points.