100 Index Bullish in early trade

Pakistan’s benchmark, KSE-100 Index went on to extend yesterday’s bullish rally after it opened the session up more than 25 points in early trade.

The index is currently trading at 42,580.23 level.

The exports in textile and clothing increased by 8.13 percent during first 10 months of current fiscal year, as compared to same period of last year. According to the latest data , the textile group's exports of Pakistan jumped to 11.13 billion during July to April 2017-18, against the exports worth of $10.3 billion during July to January 2016-17, Radio Pakistan reported. The products that contributed in positive growth in external trade include raw cotton, knitwear, yarn, bed wear exports, towels, ready-made garments, silk and synthetic textile.

Moreover, the production of petroleum products witnessed 12.31 percent increase during nine months (July-March) of the current fiscal year as compared to the corresponding period of the last fiscal year. According to latest data of the Pakistan Bureau of Statistics, the petroleum products that contributed in positive growth included motor spirits, output of which grew by 18.65 percent during the period under review. The production of High Speed Diesel grew by 13.56 percent, Diesel oil by 28.10 percent while the output of Furnace oil witnessed growth of 6.55 percent.

Furthermore, Special teams of Federal Board of Revenue have started audit of 3600 industrial units of Sialkot, Narowal, Gujrat, Mandi Bahauddin, Hafizabad and Gujranwala. According to spokesman, FBR has issued special notices with the newly designed parameters for the audit to these industrial units besides seeking their complete records.