Intraday Report: KSE-100 Index jumps over 900pts

September 13, 2024 (MLN): Pakistan stocks surged during the early trade on Friday fueled by a larger-than-anticipated interest rate cut and optimism surrounding the upcoming meeting between Pakistan and the IMF on September 25 to finalize the $7 billion Extended Fund Facility (EFF) program.

The benchmark KSE-100 Index surged above the key 80,000 level before paring some of its gains. The index last traded at 79,597.89, showing an increase of 580.28 points or 0.73% as of 12:00pm.

After the market close yesterday, the SBP announced its decision, slashing the policy rate by 200 basis points to 17.5%

The index is up 17,147 points or 27.46% so far this year.

Top gainers were PAKT (+6.66%), TRG (+5.34%), SRVI (+5.26%), JVDC (+5.11%), and PGLC (+4.91%).

On the other hand, top losers were EFUG (-4.00%), DGKC (-2.32%), NESTLE (-1.85%), MLCF (-1.24%), and KOHC (-0.88%).

In terms of index-point contributions, companies that propped up the index were EFERT (+62.99pts), HUBC (+45.36pts), FFC (+41.63pts), SRVI (+38.12pts), and TRG (+34.00pts).

Meanwhile, companies that dragged the index lower were UBL (-29.76pts), DGKC (-13.59pts), DAWH (-10.94pts), NESTLE (-9.44pts), and EFUG (-7.64pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+108.31pts), Commercial Banks (+63.33pts), Power Generation & Distribution (+63.10pts), Oil & Gas Exploration Companies (+54.01pts), and Technology & Communication (+47.72pts).

While the index was let down by Inv. Banks / Inv. Cos. / Securities Cos. (-7.69pts), Insurance (-5.23pts), and Close - End Mutual Fund (-0.43pts).

In the broader market, the All-Share Index was at 51,307.23 with a net gain of 332.30 points or 0.65%.

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