Intraday Report: KSE-100 jumps over 1,000pts

October 24, 2024 (MLN): Pakistan stocks' rally powered ahead on Thursday as improving macroeconomic indicators continued to boost sentiment.

The benchmark KSE-100 Index topped 88,000 for the first time and is on its way to notching its 43rd record close this year. The index rose 1,042 points or 1.2% to 88,236 as of 12:50pm.

The rally was broad-based, with 70 of the 100 index companies trading in green.

Top gainers during the day were PAKT (+10.00%), AICL (+9.99%), JVDC (+5.82%), NRL (+5.36%), and BOP (+5.20%).

On the other hand, top losers were KOSM (-3.01%), PKGP (-2.71%), PIBTL (-1.85%), IBFL (-1.68%), and MLCF (-1.62%).

In terms of index-point contributions, companies that propped up the index were FFC (+126.79pts), UBL (+112.37pts), OGDC (+94.68pts), PPL (+83.87pts), and LUCK (+69.06pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+255.56pts), Oil & Gas Exploration Companies (+195.61pts), Fertilizer (+170.13pts), Cement (+131.19pts), and Power Generation & Distribution (+44.41pts).

In the broader market, the All-Share Index was at 56,788.95 with a net gain of 709.27 points or 1.26%.

Key reports on Monday showed the economy continues to move toward stability.

The country's current account posted a second straight monthly surplus amid a surge in home remittances. In the first three months of current fiscal year, the deficit narrowed by 92% to $98m from $1.24 billion in 3MFY24.

Moreover, the cash-strapped nation attracted $385m foreign direct investment (FDI) in September, up a significant 81% compared to the same period last year (SPLY).

To note, the KSE-100 has gained 9,791 points or 12.48% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 25,785 points, equivalent to 41.29%.

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