Midday Report: KSE-100 index up by 846 points

November 29, 2021 (MLN): Maintaining its gaining spree, the KSE-100 index kicked off the week on a positive note as it has managed to secure around 846.49 points so far. The index is currently trading at 44,960.65-mark [1:09 PST]. 

Speaking to Mettis Global, Ahsan Mehanti, Director Arif Habib Group said that investors have welcomed the news of the Federal Cabinet's approval of two loan agreements with Saudi Arabia worth $4.2billion.

Moreover, the hike in interest rate has boosted the performance of the banking sector on the trading floor. Meanwhile, the staff-level agreement on policies and reforms between Pakistan and IMF has also induced sustainability among market participants, Shayan Jan, Equity Trader at Intermarket Securities said while talking to Mettis Global. 

However, the investors are cautious given the upcoming Pakistan’s reclassification from MSCI emerging markets to frontier markets index in coming days, he added. 

The market is being led by sectors such as commercial banks, cement, oil and gas exploration companies, and oil and gas marketing companies as they have combinedly contributed over 552 points to the benchmark index.

Company-wise, the scrips of PPL, HBL, LUCK, MCB, PSO, and Engro have gathered the maximum points.

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