Midday Report: KSE-100 jumps by 574pts

August 09, 2023 (MLN): Recovering from yesterday’s decline, the benchmark KSE-100 index surges by nearly 574 points or 1.21% DoD and reaches 48,004 points in today’s intraday trade [11:51 PST].

This move comes as investors welcomed the IMF’s approval of a novel scheme to ease the gas sector’s circular debt.

The scheme allows the government to plug in the dividends of state-owned enterprises (SOEs) in the gas sector to pay off their liabilities.

This would reduce the fiscal pressure on the budget and improve the financial health of the SOEs.

The rally was led by Commercial Banks which added 156 points, Oil & Gas Exploration Companies with 83 points, Cement with 64 points, Fertilizer with 30 points and Oil & Gas Marketing Companies with 30 points.

The most points added to the Index was by OGDC which contributed 78 points followed by HBL with 52 points, PPL with 51 points, UBL with 47 points and ENGRO with 30 points.

Intra-day KSE-100 Chart

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