Intraday Report: KSE-100 index up by 560 points

July 27, 2023 (MLN): The Pakistan stock market (PSX)'s bullish momentum was further fueled today on the back of the extension of Pakistan’s $2.4 billion loan for a time span of two years by the China Exim Bank.

As a result, the KSE-100 Index has gained 560 points so far [11:32 PST] and currently trading at the 47,254 mark, up by 1.23%.

To note, the KSE-100 index has breached the 47,000pts mark after 21 months.

Sectors propping up the Index were Commercial Banks with 234.58 points, Power generation and distribution with 96.93 points, Oil and Gas Exploration Companies with 74.98 points, Oil & Gas Marketing Companies with 33.12 points, Food and Personal Care Products with 26.52 points.

The most points added to the Index were by HUBC which contributed 92.96 points followed by HBL with 80.99 points, UBL with 43.74 points, and OGDC with 38.12 points.

It is worth noting that HBL and UBL are the major contributors as recently both banks have posted their highest-ever PAT of Rs27.52bn and 26.34bn respectively in 1HCY23.

Moreover, the benchmark KSE-100 Index closed Wednesday’s trading session at an increase of 265.18 points, as market confidence was further strengthened by the news flow pertaining to the Chinese loan and a generous sum of $600 million to be received in the coming days by a consortium of two major Chinese banks.

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