August 03, 2023 (MLN): Pakistani stock market continued the upward trajectory on Thursday as the benchmark KSE-100 Index breached the psychological mark of 49,000 after 6 years during early trade.
The Index gained 378 points or 0.75% DoD so far [10:14 PST] currently trading at 49,138pts.
This positivity has stemmed from the news flow regarding the approval of the Pakistan Sovereign Wealth Fund worth $8 billion by the majority of the senators.
Senate approved the transfer of entire government ownership in seven state-owned companies to a Sovereign Wealth Fund.
The companies include Oil and Gas Development Corporation (OGDC), Pakistan Petroleum Limited (PPL), National Bank of Pakistan (NBP), and Mari Petroleum Co (MPCL), as detailed in the bill available on the Senate website.
The newly established Sovereign Wealth Fund will have the authority to engage in various types of transactions, including divestment through sales and making strategic investments.
HBL has grasped investors’ attention on the news that Aga Khan Fund for Economic Development (AKFED) is expected to increase its stake in the bank with an Rs3.47bn investment.
Sectors propping up the Index were Commercial Banks with 135.42 points, Fertilizer with 12.18 points, Cement with 47.18 points, Power Generation & Distribution with 41.77 points, and Automobile Assembler with 28.71 points.
The most points added to the Index were by HBL which contributed 85.95 points followed by MCB with 43.21 points, HUBC with 35.53 points, MTL with 29.27 points, and FFC with 24 points.
It is worth noting that the top point gainers, HBL and MCB both reported their highest-ever PAT of 26.34bn and 28.67bn respectively.
