Intraday report: KSE100 gains 511 points as SBP maintains policy rate

August 23, 2022 (MLN):  The benchmark KSE-100 index has gained 511 points [10:27 am] in intraday trade and is currently trading at 43,338 level, on the back of SBP’s decision to keep the policy rate unchanged at 15% in yesterday’s Monetary policy announcement.

The positivity is also attributed to the positive development on the economic front as Pakistan has secured additional $4bn financing for the FY23 in the form of $2bn deposits from Qatar, $1bn additional oil facility from Saudi Arabia $1bn investment by UAE, according to SBP

However, due to the rollover week market may also experience some volatility today, a note by Ismail Iqbal Securities said.

As per newsflows, the government has backed out from its decision to supply electricity to five export sectors at 9 cents/kWh due to IMF’s restriction on additional subsidies. Owing to this development, the Textile sector may face modest selling pressure today, it added.

So far, Banks, Cement, Oil & Gas Exploration Companies, Fertilizer, and Technology have witnessed higher buying activity as they have added around 107, 82, 70, 53, and 52 points respectively.

Company-wise, the scrips of LUCK, MEBL, SYS, PPL, and HUBC have endured the maximum gains.

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