Intraday Report: KSE-100 Index breaches 57,000

November 16, 2023 (MLN): The benchmark KSE-100 Index has added another 375.50 points or 0.66% to surge past the 57,000 mark for the first time in history, currently trading at 57,055.57 [10:24am PST].

The Index has seen a trading volume of 63.231 million shares as of now.

This upswing follows the staff-level agreement successfully being reached between the International Monetary Fund (IMF) and Pakistani authorities on the first review under Pakistan's Stand-By Arrangement (SBA).

Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528 million, which is around $700m.

This will bring the total disbursements under the program to almost $1.9 billion.

KSE-100 index is being supported by Oil & Gas Exploration Companies with 64.31, Fertilizer with 49.8, Oil & Gas Marketing Companies with 45.81, Food & Personal Care Products with 34.81, and Technology & Communication with 18.7 points.

Companies adding points to the index are PSO with 32.55, OGDC with 29.35, NESTLE with 27.51, EFERT with 21.32, and PPL with 20.06 points.

On the flip-side, the KSE-100 Index is being let down by Commercial Banks with 54.66, Automobile Assembler with 28.05, Power Generation & Distribution with 22.19, Paper & Board with 10.16, and Miscellaneous with 4.49 points.

Companies dragging the index lower are MTL with 31.1, HUBC with 17.7, BAHL with 13.8, PKGS with 10.42 and MCB with 10.32 points.

In the broader market, the All-Share index is currently trading at 38,035.21 with a net gain of 365.94 points.

To note, the KSE-100 has gained 15,603 points or 37.64% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,635 points, equivalent to 41.16% in the KSE-100.

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