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Intraday Report: KSE-100 index gains over 800pts amid positive sentiments

Intraday Report: KSE-100 index gains over 800pts amid positive sentiments
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December 08, 2023 (MLN): The Pakistan stock market's key index continues its bullish surge, registering an increase of 803.80 points or 1.24% to trade at 65,521.87 [10:17am PST].

The index has traded a volume of 155.604 million shares so far.

Today's optimism stemmed on the back of the commendation from Mr. Nathan Porter, the IMF Mission Chief to Pakistan.

He praised the actions and policies of the Pakistani authorities, attributing them to the overall enhancement of the economic situation.

Moreover, there is now clarity on the IMF loan front, as the fund's executive board is scheduled to meet on January 11, 2024, to consider final approval for the disbursement of the next $700 million tranche from its current loan program.

The local stock market has been on a bullish streak amid hopes of improved economic conditions following the expected inflows from IMF and friendly countries, relatively stable currency amid government-backed administrative efforts, and a possible slash in the interest rates.

Analysts expect this trend to continue in 2024 owing to robust earnings growth, attractive valuation, and steady economic growth.

The KSE-100 has gained 24,069 points or 58.06% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 25,101 points, equivalent to 62.1%.

In today's session, the KSE-100 index is being supported by Commercial Banks with 338.22, Oil & Gas Exploration Companies with 171.4, Fertilizer with 105.51, Oil & Gas Marketing Companies with 89.94, and Power Generation & Distribution with 39.77 points.

Companies adding points to the index are BAHL with 90.93, PSO with 77.79, PPL with 56.32, MARI with 52.88, and UBL with 51.09 points.

In the broader market, the All-Share index is trading at 43,475.15 with a net gain of 441.07 points.

Company Volume

Top Ten by Volume

KEL 73,178,269
ASC 14,781,168
PRL 14,769,229
KOSM 14,134,000
TPLP 8,778,863
PAEL 8,541,050
WTL 7,861,623
HASCOL 7,366,000
CNERGY 6,611,091
PIAA 6,297,500

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Posted on: 2023-12-08T10:17:13+05:00