Intraday Report: KSE-100 jumps over 1.1%

June 20, 2024 (MLN): Pakistan stocks extended its record-breaking rally on Thursday amid strengthened prospects for an International Monetary Fund deal.

The benchmark KSE-100 index rose 880 points or 1.15% to 77,587 by 10:19am.

The global ratings agency Fitch on Tuesday said that the federal budget 2024-25 strengthens prospects for an IMF deal.

Moreover, Moody's Ratings' on Friday said that the budget will likely support Pakistan’s ongoing negotiations with the IMF for a new Extended Fund Facility (EFF) program.

KSE-100 index was supported by Commercial Banks (379.42pts), Cement (98.94pts), Fertilizer (67.89pts), Oil & Gas Exploration Companies (58.18pts), and Power Generation & Distribution (51.69pts).

Companies adding points to the index were UBL (149.47pts), MEBL (71.27pts), BAHL (48.78pts), OGDC (47.02pts), and MCB (42.78pts).

In the broader market, the All-Share index was at 49,145.09 with a net gain of 434.11 points.

To note, the KSE-100 has gained 36,122 points or 87.14% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,124 points, equivalent to 24.22%.

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