KSE-100 Index Surges Amid Saudi Investment Expectations in Rekodiq

Staff Report

KSE-100 Index Surged on Monday amid Saudi Investment Expectations in Rekodiq project driven by gains in OGDC and PPL.

A volatile session was observed at the KSE-100 index, with the index experiencing fluctuations, reaching an intraday low of 400.61 points and an intraday high of 294.17 points to close at 70,544.58 (+229.87).

OGDC (+3.77%) and PPL (+1.48%) from the E&P sector managed to close in a positive trajectory on the back of the news that a high-level delegation of Saudi Arabia led by Foreign Minister will arrive in Pakistan on a two-day official visit.  The visit raises expectations of progress on investment in the Reko Diq mining project.

Investors strategically reinforced their equity positions, engaging in value hunting, particularly targeting blue-chip stocks across the market.

As a result, the E&P, Power, and Banking sectors made significant positive contributions, with HUBC, OGDC, UBB, PPL, and PSO collectively adding 325 points. Conversely, MCB, SYS, and EFERT saw profit-taking, resulting in a loss of 169 points.Delay in Rekodiq Case Settlement: Final Liability nears $10b

The Cement sector also garnered investor interest, with FCCL (+5.76%), DGKC (+1.86%), MLCF (+1.07%), and PIOC (+1.01%) closing in the green zone.

Trading activity at the bourse saw over 555.10 million shares exchanging hands, with a total value of Rs21.9 billion. WTL, FCCL, and FFL led the volumes chart with the trading of over 151.6 million shares