Opening Bell: KSE-100 gains over 464 points

August 04, 2022 (MLN): Extending its bullish momentum, the benchmark KSE-100 index on Thursday opened on a positive note and gained further 464.11 points at around 10:00 am in early trade and is currently being traded at 41,532.98 points.

The strong appreciation of the Pakistani rupee (PKR) against the greenback, the green signal from IMF pertaining to the fulfillment of conditionalities, China's rollover of a $2bn loan for Pakistan, and falling international prices of crude oil have helped to gain back investors' confidence.

Bolstered by the statement of IMF’s Resident regarding the completion of all prior actions for loan review and improved macros, PKR continued to gain ground in the interbank market. In today's session, the local unit has so far appreciated by 8.8 rupees in early trade against the US dollar in the interbank with trades being reported at 220 per USD.

Meanwhile, China has rolled over three SAFE deposits. The first deposit of $500 million was due on June 27, 2022, the second $500mn matured on June 29, 2022, and the third $1bn was due on July 23, 2022. China’s State Administration Foreign Exchange (SAFE) deposits of $2bn have been rolled over for one year.

So far, commercial banks, cement, fertilizers, oil & gas exploration companies, and power generation have witnessed higher buying activity as they have added around 118.45, 86.85, 69.76, 48.10, and 46.74 points to the index respectively.

Company-wise, the scrips of ABL, BAFL, CHCC, DGKC, FFC, ENGRO, EFERT, MARI, OGDC, and HUBC have observed maximum gains.

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