Opening Bell: KSE-100 soars 1,000pts as political deadlock ends

February 21, 2024 (MLN): The benchmark KSE-100 index soared 1,005 points or 1.66% to trade at 61,469 by around 09:37am.

The positivity comes as major political parties reached a consensus yesterday to form a coalition government.

The new government would need to secure a larger and longer International Monetary Fund (IMF) loan program to meet its high debt obligations.

To note, KSE-100 has dropped 2,675 points since the February 08 elections.

KSE-100 index was supported by Oil & Gas Exploration Companies with 234.72, Commercial Banks with 166.26, Cement with 128.64, Fertilizer with 109.7, and Pharmaceuticals with 97.69 points.

Companies adding points to the index were OGDC with 83.27, PPL with 75.45, LUCK with 59.16, HUBC with 53.31, and MARI with 52.52 points.

In the broader market, the All-Share index was at 41,318.81 with a net gain of 582.23 points. The index has fallen for six out of the eight trading days since the elections.

To note, the KSE-100 has gained 20,016 points or 48.29% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 982 points, equivalent to 1.57%.

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