Intraday Report: KSE-100 index soars on IMF, UAE developments

May 24, 2024 (MLN): Pakistan stocks opened on a positive note on Friday, with the benchmark KSE-100 index jumping 592.5 points or 0.79% to 75,707 by 10:40am.

The positivity comes amid developments on the International Monetary Fund (IMF) and United Arab Emirates (UAE) front.

Pakistani authorities achieved significant progress toward reaching a Staff Level Agreement (SLA) with the IMF on new program, the lender said in a statement.

Moreover, the UAE president on Thursday pledged to allocate $10 billion for investment in promising economic sectors in Pakistan.

KSE-100 index was supported by Commercial Banks (176.27pts), Power Generation & Distribution (107.45pts), Fertilizer (75.25pts), Oil & Gas Exploration Companies (59.12pts), and Miscellaneous (42.38pts).

Companies adding points to the index were HUBC (86.29pts), MEBL (48.59pts), UBL (45.28pts), FFC (43.14pts), and PPL (39.29pts).

In the broader market, the All-Share index was at 49,000.3 with a net gain of 283.77 points.

To note, the KSE-100 has gained 34,278 points or 82.69% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 13,280 points, equivalent to 21.26%.

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