Intraday Report: KSE-100 Index surges over 1,000pts

September 19, 2024 (MLN): Pakistani stocks extended their rally on Thursday as key economic data reports showed improvements on the economic front, coupled with increased bets for further outsized interest rate cuts by the central bank.

The benchmark KSE-100 Index surged 1,022.40 points or 1.27% to 81,483.73 as of 10:00am. It is now just 0.56% away from its all-time high.

The index is up 3,039 points or 3.87% since July, and a significant 19,033 points or 30.48% so far this year.

The government on Wednesday unexpectedly rejected all the bids for Market Treasury Bills (MTBs). According to the bid pattern, if SBP had decided to raise the target amount, yields would have fallen by 29-101bps for 3-12 month tenors.

The country's current account posted a surplus of $75 million after three consecutive monthly deficits.

Moreover, the cash-strapped nation attracted $214m Foreign Direct Investment (FDI) in August, up 50.7% compared to the same period last year (SPLY). The country also received $165m through Roshan Digital Accounts (RDA) during the month.

Top gainers during the day were PSEL (+6.39%), FFC (+5.52%), GADT (+4.69%), SHFA (+4.43%), and FFBL (+4.35%).

On the other hand, top losers were THALL (-3.86%), PGLC (-3.85%), HMB (-1.97%), HINOON (-1.54%), and BNWM (-1.35%).

In terms of index-point contributions, companies that propped up the index were FFC (+227.18pts), EFERT (+127.21pts), MARI (+86.62pts), POL (+62.44pts), and DAWH (+59.17pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+410.57pts), Oil & Gas Exploration Companies (+169.05pts), Commercial Banks (+133.92pts), Cement (+68.16pts), and Inv. Banks / Inv. Cos. / Securities Cos. (+61.15pts).

In the broader market, the All-Share Index was at 52,143.10 with a net gain of 468.09 points or 0.91%.

Copyright Mettis Link News