KSE-100 Index crosses 56,000 mark in early trade

November 13, 2023 (MLN): The KSE-100 Index has surged by 610.12 points or 1.1% within the first 20 minutes of trading, currently at 56,001.49 [09:48 am PST].

The index has traded 23.798 million shares as of now.

The positive sentiment continues to be fueled by the latest PIB auction held on November 08, which showed a sharp decline in yields, possibly suggesting that market participants are expecting the interest rates to fall even earlier than previously expected.

Moreover, investors are anticipating a higher weight for Pakistan in the upcoming review of global index provider Morgan Stanley Capital International (MSCI), which is due tomorrow.

KSE-100 index is being supported by Power Generation & Distribution with 169.01, Fertilizer with 126.49, Oil & Gas Marketing Companies with 32.48, Technology & Communication with 30.76, and Commercial Banks with 30.31 points.

Companies adding points to the index are HUBC with 155.8, ENGRO with 64.7, EFERT with 32.81, FFC with 27.17, and MTL with 25.73 points.

In the broader market, the All-Share index is trading at 37,074.04 with a net gain of 279.26 points.

To note, the KSE-100 has gained 14,549 points or 35.1% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,581 points, equivalent to 38.55% in the KSE-100.

The Pakistan stock market has been enjoying a remarkable rally ever since the $3 billion Stand-By Arrangement (SBA) was reached with the International Monetary Fund (IMF) towards the end of FY23, which saved the country from a sovereign debt default.

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