Intraday Report: KSE-100 adds over 600pts to regain 66,000 level

December 15, 2023 (MLN): The benchmark index of Pakistan Stock Exchange (PSX) continues its climb higher on Friday, adding 646.39 points or 0.99% to currently trade at 66,096.58 [10:41am PST].

The positivity stems from a series of developments, potentially paving the way for attracting much-needed foreign investments for the cash-strapped nation.

Yesterday, the executive committee for the Special Investment Facilitation Council (SIFC) launched a business and investment-friendly SIFC Visa facility, an important milestone towards creating an enabling environment for foreign investors.

Moreover, the successful acquisition of Telenor by PTC worth around $400 million has also played a role in boosting market sentiments.

The IT minister has praised the acquisition, noting its positive implications for the telecom sector and its potential to accelerate digital transformation in the country.

The index has recorded a volume of 183.463 million shares.

KSE-100 index is being supported by Oil & Gas Exploration Companies with 208.23, Oil & Gas Marketing Companies with 63.36, Power Generation & Distribution with 34.07, Fertilizer with 26.3, and Automobile Assembler with 22.86 points.

Companies adding points to the index are PPL with 110, OGDC with 54.79, HBL with 39.86, MARI with 36.98, and PSO with 30.63 points.

Meanwhile, companies dragging the index lower are MEBL with 30.83, UBL with 28.07, LUCK with 11.63, SYS with 10.46 and PABC with 9.12 points.

In the broader market, the All-Share index is trading at 43,964.27 with a net gain of 471.76 points.

To note, the KSE-100 has gained 24,644 points or 59.45% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 25,676 points, equivalent to 63.52%.

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