Early Trade: KSE-100 Index surges by 433 points

August 15, 2022 (MLN): Extending the rally, the Pakistan Stock Exchange (PSX) kicked off trade on Monday on a positive note as investors cheered the news flow that Saudi Arabia is planning to renew a $3 billion deposit in assistance to Pakistan. The benchmark KSE-100 Index is currently trading at 43,291.40 level [10:56 PST], up by 433 points in early trade.

Saudi Arabia is expected to renew $3bn deposits with the State Bank of Pakistan (SBP) along with an additional $100 million per month deferred payment facility on petroleum products imports this week, cited Ismail Iqbal in its morning report.

It is prudent to note that this development, during the crucial time when Pakistan is in dire need of foreign exchange, will pave the way for International Monetary Fund (IMF)’s board approval at the end of August 2022.

Meanwhile, the strong appreciation of 3.49 rupees against the greenback in early trade also injected positivity into the market.

So far, Commercial Banks has captured the maximum gained, as it has contributed around 180 points to the benchmark index, followed by Cement with 60 points.

Company-wise, the scrips of HBL, ENGRO, UBL, HUBC, MEBL, SYS and MCB have gathered the maximum points.

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