Intra-day update: KSE-100 gains on oil and gas sector reports

The KSE-100 witnessed a buying spree, which dragged the index from the red to the green zone, amid unconfirmed reports that the oil and gas sector’s circular debt was on the radar of authorities. A decrease of nearly 100 points soon became a gain of over 650 as the market became abuzz with screenshots of news channel tickers, relying on sources, that stated the caretaker setup was keen on resolving the sector’s circular debt issue. Intra-day trading soon witnessed a spike with massive buying interest in index-heavy OGDC, PPL, and SNGP shares. Business Recorder could not verify the news reports. The development comes as investors lay in wait for resolution of the circular debt issue, one of the promises made by the outgoing government to the International Monetary Fund (IMF). At around 1:50pm, the KSE-100 Index was hovering at the 47,871.15 level, an increase of 441.33 points or 0.92%. This is in stark contrast to Tuesday’s proceedings when the benchmark index lost over 950 points over profit-taking and consolidation of gains ahead of the dissolution of the National Assembly. This is an intra-day update