Intraday Report: KSE-100 Index surges above 62,000 mark

December 04, 2023 (MLN): The benchmark KSE-100 Index opens the week strong, surging by 592.40 points or 0.96% to trade at 62,283.65 [10:06am PST] currently.

Investors' confidence remains uplifted 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.

In a recent development, the IMF lauded the efforts of the caretaker federal government of Pakistan to maintain economic stability and the timely implementation of reforms on Friday.

Moreover, the latest trade numbers released by SBP show a trade deficit of $9.38bn, which is 33.59% lower than the same period last year.

KSE-100 index is being supported by Oil & Gas Exploration Companies with 199.01, Automobile Assembler with 106.88, Commercial Banks with 88.74, Fertilizer with 54.8, and Oil & Gas Marketing Companies with 48.23 points.

Companies adding points to the index are MTL with 89.95, OGDC with 87.66, PPL with 84.88, ENGRO with 31.33, and PSO with 29.09 points.

In the broader market, the All-Share index closed at 41,464.84 with a net gain of 419.46 points.

To note, the KSE-100 has gained 20,831 points or 50.25% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 21,863 points, equivalent to 54.09% in the KSE-100.

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