Opening Bell: KSE-100 Index recovers by over 449 points

January 24, 2023 (MLN): Pakistan stock exchange on Tuesday open on a bullish note as investors opted for value buying which led the KSE-100 index to gain 449 points or 1.17% [9:49 PST] so far and is currently trading at 38,893.01 points level.

Sector-wise, oil & gas exploration, fertilizers, commercial banks, cement, and technology & communication sectors have witnessed the maximum gains so far.

Scrip-wise, PSEL, LCI, ENGRO, INDU, MTL, ARPL, and SYS observed the highest-buying activity.

It is pertinent to mention that the market opened on a positive note despite the interest rate hike of 100 bps by SBP in yesterday's MPC meeting.

The interest rate hike of 100 bps to 17% was incorporated and there were fears of a 200bps hike but that did not materialize, Fahad Rauf, Head of Research at Ismail Iqbal Securities told Mettis Link News. 

Further SBP has explained that the debt repayments are only $3bn for the next 5 months, he added. 

On the economic front, things are still not appealing as IMF has turned down Pakistan’s request of sending its mission for the ninth review before all prior actions are taken, a report by Ismail Iqbal Securities said. 

Meanwhile, Governor SBP Jameel Ahmad said in an interview that GDP growth in FY23 will remain below 2%.

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