July 15, 2024 (MLN): Pakistan stocks opened on a bullish note on Monday after the nation secured another $7 billion loan deal from the International Monetary Fund over the weekend.

The benchmark KSE-100 Index jumped 1,154.03 points or 1.44% to 81,098.1 by 09:35am.

The successful achievement of a staff-level agreement with the IMF will create a favorable environment for financial inflows from other multilateral institutions, bilateral partners, and friendly countries, according to Arif Habib Limited.

KSE-100 index was supported by Commercial Banks (+381.31pts), Oil & Gas Exploration Companies (+155.95pts), Fertilizer (+115.64pts), Power Generation & Distribution (+103.91pts), and Cement (+85.49pts).

Companies that added points to the index were HUBC (+74.32pts), MEBL (+69.14pts), OGDC (+67.71pts), MCB (+67.10pts), and UBL (+61.14pts).

In the broader market, the All-Share index was at 51,762.48 with a net gain of 756.13 points or 1.48%.

To note, the KSE-100 has gained 2,653 points or 3.38% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 18,647 points, equivalent to 29.86%.