May 06, 2024 (MLN): Stocks in Pakistan opened on a positive note on Monday amid developments on the economic front.
The benchmark KSE-100 index jumped 615.83 points or 0.86% to trade near 72,517.93 by 09:44am.
An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.
Pakistan is expected to seek at least $6bn and request additional financing from the Fund under the Resilience and Sustainability Trust.
The developments on the privatization front have also played a due role in boosting the investors’ sentiments.
The privatization process of Pakistan International Airlines Corporation Limited (PIACL) crossed another milestone, as the Competition Commission of Pakistan (CCP) has given the green light to the Scheme of Arrangement (SOA).
This approval signals a pivotal step towards PIACL’s restructuring process and approval from SECP.
Meanwhile, Pakistan and China have expressed the determination to complete all CPEC projects and further upgrade this cooperation to achieve shared objectives.
Furthermore, a business and official delegation from the Kingdom of Saudi Arabia (KSA) has arrived in Pakistan to hold business-to-business (B2B) meetings.
Key sectors like IT, energy, and agriculture are set for ground-breaking B2B discussions.
KSE-100 index was supported by Inv. Banks / Inv. Cos. / Securities Cos. (132.63pts), Commercial Banks (126.88pts), Fertilizer (114.19pts), Oil & Gas Exploration Companies (84.02pts), and Cement (66.69pts).
Companies adding points to the index were DAWH (129.54pts), BAHL (76.56pts), ENGRO (52.17pts), PPL (51.28pts), and FFC (45.91pts).
In the broader market, the All-Share index was at 47,259.86 with a net gain of 339.88 points.
To note, the KSE-100 has gained 31,065 points or 74.94% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 10,067 points, equivalent to 16.12%.
Copyright Mettis Link News
Posted on: 2024-05-06T09:46:29+05:00
