Intraday Report: KSE-100 jumps 590pts

May 10, 2024 (MLN): Pakistan stocks opened on a positive note on Friday, with the benchmark KSE-100 index jumping 590 points or 0.81% to 73,248.3 by 10:40am.

The positivity comes amid a healthy remittance inflow of $2.81bn in April, which rose 27.9% YoY.

Moreover, the State Bank of Pakistan's reserves have risen to almost a 2-year high amid the International Monetary Fund's final tranche under SBA program.

KSE-100 index was supported by Cement (242.18pts), Power Generation & Distribution (73.69pts), Oil & Gas Exploration Companies (60.42pts), Oil & Gas Marketing Companies (45.41pts), and Pharmaceuticals (31.45pts).

Companies adding points to the index were LUCK (88.33pts), HUBC (67.43pts), PIOC (37.06pts), PPL (34.94pts), and DGKC (32.5pts).

In the broader market, the All-Share index was at 47,518.99 with a net gain of 246.77 points.

To note, the KSE-100 has gained 31,791 points or 76.69% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 10,792 points, equivalent to 17.28%.

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