Intraday Report: KSE-100 gains 1%

February 20, 2024 (MLN): The benchmark KSE-100 index traded near 61,111.57 showing an increase of 651.82 points or 1.08% by around 11:03am.

Yesterday, the index had gained 586.79 points or 0.98%.

The political situation remains fluid which is expected to keep volatility in the market high, said Arif Habib Limited.

Despite the rebound, a lot of work is still required to suggest that something sustainable to the upside is underway, the brokerage house added in its post-closing market note on Monday.

KSE-100 index was supported by Pharmaceuticals with 92.59, Technology & Communication with 87.18, Fertilizer with 75.48, Oil & Gas Marketing Companies with 71.04, and Power Generation & Distribution with 53.96 points.

This follows the government's announcement yesterday, allowing pharmaceutical companies to sell medicines that are not included in the National List of Essential Medicines (NEML) at prices fixed by themselves.

Companies adding points to the index were PSO with 53.59, HUBC with 51.39, SYS with 49.75, MTL with 32.04, and TRG with 30.53 points.

Meanwhile, companies that dragged the index lower were PAKT with 11.57, MEBL with 9.49, MCB with 9.04, AICL with 8.42 and CHCC with 3.9 points.

In the broader market, the All-Share index was at 41,095.07 with a net gain of 302.13 points.

On the economic front, the country posted a current account deficit of $269 million in January. Moreover, it saw the biggest negative FDI since October 2018, worth $173m.

Meanwhile, the cash-strapped nation attracted $142m under Roshan Digital Accounts during the month.

To note, the KSE-100 has gained 19,659 points or 47.42% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 1,339 points, equivalent to 2.14%.

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