Intraday Report: KSE-100 jumps over 1% ahead of MPC meeting

July 29, 2024 (MLN): Pakistan stocks started the week on a positive note, with the benchmark index gaining over 1% ahead of the key monetary policy meeting.

The benchmark KSE-100 Index rose to 78,877.21 as of 12:00pm, an increase of 847.71 points or 1.09%.

Last week, the index recorded a sharp decline of 2,088 points or 2.6%.

Investors are closely monitoring the monetary policy meeting scheduled later today, where the central bank is expected to ease the policy rate further.

Top gainers during the day were NBP (+6.97%), NCPL (+3.41%), ABOT (+3.22%), POL (+2.97%), and COLG (+2.90%).

In terms of index-point contributions, companies that propped up the index were FFC (+71.32pts), UBL (+71.25pts), POL (+66.40pts), OGDC (+64.94pts), and NBP (+53.50pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+264.11pts), Oil & Gas Exploration Companies (+182.55pts), Fertilizer (+94.61pts), Cement (+66.16pts), and Power Generation & Distribution (+57.32pts).

In the broader market, the All-Share Index was at 50,174.34 with a net gain of 570.36 points or 1.15%.

To note, the KSE-100 has gained 432 points or 0.55% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,426 points, equivalent to 26.30%.

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