The benchmark KSE-100 index surged to a 6-year high after going up by 534 points or 1.11 percent to close at 48,765 points on Wednesday, the highest level since closing at 49,527 on June 9, 2017.
According to Arif Habib Limited (AHL), the market has gained 7,312 points or 17.6 percent since Pakistan’s Stand-By Agreement with the International Monetary Fund (IMF) in July.
KSE100 at six year high level
KSE-100 index went up by 534 points (48,765 pts, +1.11%) DoD ; the highest level after six years i.e. 9-Jun-2017 (49,527 pts).
The market gained 7,312 points (+17.6%) since staff level agreement with the IMF for SBA.@Pakstockexgltd#KSE100 #PSX… pic.twitter.com/1yjVCqS5dQ
— Arif Habib Limited (@ArifHabibLtd) August 2, 2023
In July 2023, the main board demonstrated exceptional performance, making it one of the best-performing stock markets in the world.
On Wednesday, heavyweights OGDC, HBL, ENGRO, and MCB lifted the top bourse higher to approach the weekly draw on liquidity at 49,000 without consolidation, AHL said in a brief note after trading.
MCB announced 1HCY23 earnings which beat expectations and HBL was informed by the Agha Khan Fund for Economic Development of its intention to acquire additional shares of HBL from the open market amounting to Rs. 3.5 billion.
UNITY which has gained more than +100 percent in the last few months announced its intention to invest up to Rs. 1 billion into corporate farming and a tech start-up through its subsidiary Sunridge Foods.
According to AHL, momentum remains very strong in blue chips but the firm advises caution on sharp pullbacks that can emerge in the near term, and any moves below 48,000 will be the first signal that a dip is imminent.
For now, major support continues to build around 46,000-47,000 for the main board.
