Intraday Report: KSE-100 index jumps another 1%

June 14, 2024 (MLN): Stocks continued their bullish momentum on Friday, with the benchmark KSE-100 index surging another 769 points or 1% to 76,977 as of 10:24am.

Yesterday, the index soared 3,411 points or 4.7%, the biggest jump since the International Monetary Fund's (IMF) bailout package last year.

The positivity comes after the government kept the capital gains tax rate unchanged.

Arif Habib Limited in its budget review said, "We believe that the change in the CGT rate was one of the major uncertainties and caused panic in the market during the last couple of weeks.

"Maintaining the current CGT rates for filers would positively impact the market."

KSE-100 index was supported by Commercial Banks (391.52pts), Power Generation & Distribution (117.78pts), Fertilizer (116.38pts), Oil & Gas Exploration Companies (92.37pts), and Inv. Banks / Inv. Cos. / Securities Cos. (29.53pts).

Companies adding points to the index were HUBC (107.34pts), MEBL (98.82pts), BAFL (87.35pts), OGDC (82.81pts), and MCB (56.34pts).

In the broader market, the All-Share index was at 48,889.95 with a net gain of 392.86 points.

To note, the KSE-100 has gained 35,573 points or 85.81% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 14,574 points, equivalent to 23.34%.

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