Midday Report: KSE-100 index up by 478 points

July 06, 2023 (MLN): In the latest development, the Pakistani stock market rides a wave of positivity owing to investors' IMF-led celebration.

As a result, the KSE-100 Index has gained 478 points so far [11:28 PST] and currently trading at the 44,014.24 mark, up by 1.06%.

Sectors propping up the Index were Oil & Gas Exploration Companies with 113.83 points, Commercial Banks with 123.26 points, Fertilizer with 87.42 points, Cement with 69.97 points, Power generation and distribution with 47.14 points, and Oil & Gas Marketing Companies with 26.31 points.

The most points added to the Index were by ENGRO which contributed 74.45 points followed by LUCK with 40.50 points, MCB with 38.41 points, and POL with 18.76 points.

PSX witnessed a Bull Run with the biggest gain of 2,446.32 points in 15 years on Monday amid the agreement being signed between IMF and Pakistan on Friday.

However, as the investors at the local bourse preferred to book profits this led the benchmark KSE-100 Index to shed 341.99 points to close Tuesday’s trading session at 43,557.01.

Moreover, the benchmark KSE-100 Index closed Wednesday's trading session at a decrease of 4.18 points, as market experts highlighted the IMF agreement as a temporary relief rather than a long-term solution.

It is worth noting that the market is still giving bullish signals as the country is heading toward stability.

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