Opening Bell: KSE-100 jumps by 760pts

July 31, 2023 (MLN): The Pakistan stock market (PSX) showed a strong start for the week, with the benchmark KSE-100 index gaining a staggering 760 points or 1.62% DoD [10:04 PST].

Federal Minister for Finance and Revenue Senator Ishaq Dar on Sunday pledged to raise the country’s foreign exchange reserves to $15 billion within the next seven weeks. The reserves, which have already increased by $4.2 billion this month, are expected to improve the country’s economic stability.

Moreover, Ishaq Dar stated that The flights of Pakistan International Airlines (PIA) to the United Kingdom (UK) would resume by October.

Meanwhile, market participants are closely monitoring today’s Monetary Policy Committee rate decision, wherein the market is divided over a status quo or a hawkish stance.

As per a survey conducted by CFA Society Pakistan, almost 44% of the participants expect up to a 100bps hike whereas 42% of participants believe the status quo would prevail. 

However, none of the participants as per the survey expect a dovish stance.

The rally was led by Commercial Banks with 261 points, Oil & Gas Exploration Companies with 200 points, Oil & Gas Marketing Companies with 53 points, Power Generation & Distribution with 38 points, and Technology & Communication with 27 points.

The most points added to the Index were by OGDC which contributed 104.5 points followed by HBL with 97.97 points, PPL with 72.12 points, UBL with 44.57 points, and BAHL with 44.11 points.

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