Intraday Report: KSE-100 Index gains 0.92%

September 4, 2023

September 04, 2023 (MLN): The benchmark KSE-100 Index started off the week on a positive note, gaining 418 points or 0.92% DoD to trade at 45,730.94 [11:10am PST] .

However, this rebound comes after the index fell by around 2358 points or 4.95% last week.

The index is nearing the 46,000 level, where it may face selling pressure and profit booking by investors.

This rebound in the market can be attributed to the optimistic developments stemming from Chief of Army Staff (COAS) General Asim Munir's recent engagement.

During a meeting with LCCI President Kashif Anwar and key business leaders on Sunday, General Asim highlighted the pivotal role played by the Special Investment Facilitation Council (SIFC).

He underscored the immense potential of the SIFC to draw substantial investments, estimated at up to $100 billion, from nations like Saudi Arabia, the UAE, Kuwait, and others.

Furthermore, Army Chief General Asim Munir assured business leaders that the currency exchange would be brought under the tax net, a move aimed at promoting transparency in dollar exchange rates and interbank rates.

KSE100 index was supported by Fertilizer with 65.44, Commercial Banks with 61.42, Oil & Gas Exploration Companies with 55.57, and Oil & Gas Marketing Companies with 29.38 points.

Companies adding points to the index were ENGRO with 45.81, PPL with 24.11, OGDC with 20.88, LUCK with 19.79, and COLG with 19.48 points.