KSE – 100 Index broke the bullish run yesterday and went in to correction by closing at 46581 points, down 57 points. The volumes on Monday stood at 203 million shares as compared to 248 million shares traded on Friday.
In news impacting today markets, Government announced that economy is expected to grow at a rate 5.79 percent, slightly lower than the target of 6 percent for fiscal year 18, but highest in the last 11 years. International Monetary Fund (IMF) had already estimated that the Pakistan’s GDP during the current fiscal year is expected to grow at 5.6 percent in 2018.
Pakistan’s trade deficit widened to $ 27.3 billion despite a significant rise in exports. Pakistan’s exports reached a four year high after goods worth $2.23 billion were exported in March. However, trade deficit for the nine month period surpassed annual projections, suggesting worries of economic managers are still far from over.
Oil & Gas Exploration, Fertilizer and Power sector stocks continue to make most moves at the open adding more than 50 points to the index, however, banks and pharma scrips have started the day off on a negative note after taking away 65 points at open.
Index is currently trading at 46557 points; down 19 points. Total volume traded in the first 45 minutes of trading at 14.561 million with a total value of 815.397 million.
