Opening Bell: KSE-100 index up by 365 points

June 27, 2022 (MLN): Following a bloodbath on Friday, the benchmark KSE-100 index witnessed a recovery as it gained 365 points or a 0.89% increase [9:59 PST] so far in morning trade and is currently trading at 41,416 points level.

The positive sentiments among investors are attributable to the news flows suggesting that IMF is likely to send a draft of the “Memorandum of Economic and Financial Policies (MFEP)” to Pakistan hinting toward both parties’ agreement, analyst at Ismail Iqbal Securities said.

On the other hand, the final budget for FY23 would be passed on 30th June 2022 with the finance bill tabling a day before the NA session to get approved.

Moreover, in the energy sector, Pakistan has officially requested KSA to enhance an oil facility on deferred payments to $3.6bn from an existing $1.2bn, he added.

Sector-wise, Commercial Banks, Cement, Technology & Communication, Oil & Gas Exploration, and Power Generation and Distribution sectors have witnessed the maximum gains so far.

Scrip-wise, SYS, MARI, HUBC, TRG UBL, and MCB observed the highest-buying activity.

To recall, on Friday, domestic equities witnessed huge selling pressure after the announcement of a 10% super tax imposed on the large-scale industry in a bid to shore up revenues for supporting the country's poor amid rising inflation. The benchmark KSE-100 index lost 1,665.18 points to conclude the day’s trade at 41,051.79, observing an intraday low of 40,555.41.

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