Intra-day update: KSE-100 up over 450 points

The Pakistan Stock Exchange (PSX) saw positive sentiment as the benchmark KSE-100 Index gained more than 450 points during the first hours of trade on Monday.

At 11:10 a.m., the benchmark index was trading at 46,695.71, up 463.12 points or 1%.

Index-heavy sectors such as oil and gas exploration companies, OMCs, and technology and communication traded in the green.

PSX remained under pressure during the previous week as investors remained cautious and avoided building new positions. The benchmark KSE-100 index fell 188.56 points week on week to settle at 46,232.59.

Despite the weekly decline, Pakistan’s benchmark KSE-100 Index grew by 12% in 3Q2023, as sentiment improved as a result of the International Monetary Fund (IMF) Stand-By Agreement (SBA) secured in July, stable currency, and election announcement, according to Topline Securities in a report released last week.

In USD terms, the index increased 11% in 3Q2023.

Previously, the brokerage house estimated that the bourse may approach 50,000 around the general elections, given a “smooth election process” and the IMF’s approval of the next tranche of the Stand-By Arrangement in November.

“We believe the Pakistan market can potentially experience an 8-10% pre-election rally thereby, has the potential to reach near 50k assuming a smooth election process and the approval of the IMF tranche in November,” stated Topline Securities.

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