July 28, 2022 (MLN): The benchmark KSE-100 index gained 411.38 points at around 10:23 am on Thursday as investors welcomed the clarity on the political front. Meanwhile, the positivity has also stemmed from the upcoming IMF tranche which is likely to be received in August.
Accordingly, the index has crossed the mark of 40,000 and is currently being traded at 40,384.02 points.
Shayan Jan, Equity Trader at Intermarket Securities told Mettis Global that overall momentum getting stronger as the IMF deal is around the corner and there is no aggression in politics at the moment.
For the sector-specific lense, he added that the IT sector is the major driver for today's positivity at the local bourse as investors cheered the IT exports number released by SBP yesterday.
Meanwhile, Ahsan Mehanti, Director of Arif Habib Group is of the view that stocks showed a strong recovery on the back of earning season, bullish rally in global stocks, FM assurance on IMF inflows, current account surplus in July’22 and Fitch and Moodys rating expectation on securing $1.2bn bailout fund easing pressure on currency and bonds.
Surging global crude oil prices played a catalyst role in the bullish activity, he added.
Commercial banks, technology & communication, fertilizers, oil & gas companies, and cement have witnessed strong buying activity as they have gained around 121, 87.50, 51, 32, and 16 points, respectively.
Company-wise, the scrips of POML, SYS, ARPL, SRVI, MTL, and MCB have secured the maximum points.
