Intraday Report: KSE-100 Index jumps over 500pts

July 18, 2024 (MLN): Pakistan stocks extended their rally on Thursday, with the benchmark KSE-100 Index jumping 528.35 points or 0.65% to 81,683.95 as of 12:55pm.

On Monday, the index surged over 1,211 points or 1.5% to close at a record high of 81,155.6 after the nation secured a $7 billion loan deal from the International Monetary Fund over the weekend.

Meanwhile, the market was closed on Tuesday and Wednesday on account of Ashura holidays.

In a recent development, global rating agency Moody’s said that Pakistan’s staff-level agreement with the International Monetary Fund (IMF) improves funding prospects for the country.

However, it cautioned that the ability to sustain reforms are key to easing liquidity risks.

Top gainers during the day were AVN (+9.51%), TRG (+6.48%), THALL (+6.28%), PAEL (+6.14%), and JVDC (+5.41%).

On the other hand, top losers were NBP (-3.36%), AICL (-2.28%), AKBL (-2.05%), HMB (-1.89%), and AGP (-1.84%).

In terms of index-point contributions, companies that propped up the index were ENGRO (+101.68pts), UBL (+82.66pts), MTL (+65.52pts), POL (+54.88pts), and TRG (+45.03pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+121.84pts), Technology & Communication (+111.57pts), Oil & Gas Exploration Companies (+87.80pts), Automobile Assembler (+66.03pts), and Commercial Banks (+32.28pts).

In the broader market, the All-Share index was at 51,783.40 with a net gain of 309.50 points or 0.60%.

To note, the KSE-100 has gained 3,239 points or 4.13% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 19,233 points, equivalent to 30.80%.

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