KSE-100 crosses 45,000 level on Saudi's $2bn

July 11, 2023 (MLN): Saudi Arabia's much-needed support of $2 billion sparked investors' confidence as the benchmark KSE-100 index crossed the psychological level of 45,000 points, gaining 454.07pts or around 1% DoD (12:08 PST).

Sectors propping up the Index were Cement with 90 points, Oil & Gas Exploration Companies with 48 points, Commercial Banks with 47 points, Fertilizer with 41 points, and Engineering with 24 points.

The most points added to the Index was by MCB which contributed 29 points followed by OGDC with 23 points, LUCK with 22 points, PPL with 22 points, and HUBC with 16 points.

KSE-100 Daily time-frame chart

This inflow will help Pakistan’s foreign exchange reserves to increase.

As of June 30, 2023, the country's total reserves stood at $9.75bn.

At the end of the outgoing month, the long-standing Staff Level Agreement (SLA) worth $3bn finally been signed between the International Monetary Fund (IMF) and Pakistan.

KSE-100 Daily time-frame chart

The benchmark KSE-100 index is reaching the major high volume node (HVN) which is at 45,900pts.

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