Midday Report: KSE-100 index jumps by 563pts

August 24, 2023 (MLN): After staying flat in yesterday's session, the benchmark KSE-100 index surged by nearly 563 points or 1.17% DoD and reached 47,973 points in today’s intraday trade [11:51 PST].

Sectors propping up the Index were Commercial Banks with 210.16 points, Oil and Gas Exploration Companies with 89.04 points, Fertilizer with 58.42 points, Technology and Communication with 52.80 points and Cement with 46.58 points.

The most points added to the Index were by MCB which contributed 58.50 points followed by HUBCO with 439.36 points, UBL with 39.35 points, ENGRO with 38.66 points and SYS with 37.96 points.

The banking sector continues to make a significant contribution to the local bourse due to positive news regarding its earnings.

BankIslami Pakistan Limited (PSX: BIPL) achieved a profit of Rs5.10 billion [EPS: Rs4.60] in the first half of 2023, marking a substantial surge of 3.53x YoY.

Bank AL Habib Limited's (PSX: BAHL) profit soared by 89.84% to Rs18.21bn in 1HCY23 and announced a cash dividend at Rs4.50 per share i.e. 45%.

On the economic front, the Pakistani Rupee (PKR) continues to remain under pressure, currently trading at 300.19 against the USD in midday trade.

High demand for the dollar, a 30% MoM increase in imports in July, and many individuals being heavily invested in dollars are putting pressure on the rupee’s value.

KSE-100 Weekly time-frame chart

Copyright Mettis Link News