July 31, 2023 (MLN): The benchmark KSE-100 index crossed the 48,000 point mark after 24 months, last seen in August 2021, with the benchmark KSE-100 index gaining a staggering 931 points or 1.98% DoD [10:40 PST].
Federal Minister for Finance and Revenue Senator Ishaq Dar on Sunday pledged to raise the country’s foreign exchange reserves to $15 billion within the next seven weeks. The reserves, which have already increased by $4.2 billion this month, are expected to improve the country’s economic stability.
Moreover, Ishaq Dar stated that The flights of Pakistan International Airlines (PIA) to the United Kingdom (UK) would resume by October.
Meanwhile, market participants are closely monitoring today’s Monetary Policy Committee rate decision, wherein the market is divided over a status quo or a hawkish stance.
As per a survey conducted by CFA Society Pakistan, almost 44% of the participants expect up to a 100bps hike whereas 42% of participants believe the status quo would prevail.
However, none of the participants as per the survey expect a dovish stance.
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The rally was led by Commercial Banks with 354 points, Oil & Gas Exploration Companies with 227 points, Technology & Communication with 67 points, Oil & Gas Marketing Companies with 61 points, and Power Generation & Distribution with 52 points.
The most points added to the Index were by HBL which contributed 112.52 points followed by OGDC with 101.77 points, MEBL with 62.36 points, PPL with 59.28 points, and BAHL with 51.26 points.
