Closing Bell: KSE-100 Index closes at +442 point; up by more than 1.08%

Analogous to analysts’ expectation, KSE-100, the benchmark index, witnessed a positive session today as it began trading during the early hours. Index was up by more than 600 points just into the first 30 minutes of the trading. However, the index lost half of its early gains in the later hours before closing at +400 points at day-break.

Trading resumed after the Daybreak for Namaz, holding onto the levels and closing in at +442 points from previous close.

In today’s news, Prime Minister Shahid Khaqqan Abbasi inaugurated the 340 MW Chashma-4 Nuclear Power Plant in Chashma, Mianwali. Addressing at the launch ceremony, he said that, “the government is committed to achieve the goal of adding 8800 megawatt of nuclear energy to the national grid by 2030.”

Asian Development Bank released Statistical Report on Asian countries, and also awarded National Bank of Pakistan as the Bank Trade Deal of the Year.

Furthermore, prices for oil steadied after Friday after almost a week of rises in oil prices as demand for gasoline products surged after the Hurricane Harvey destroyed refineries in US oil capital of Texas. Oil demand is expected to rise even further as another Hurricane going by the name of Irma is all set to hit US state of Florida, with oil production down by more than 8 percent, it is yet to see how US will respond to the increasing demand in the gasoline products.

Major earnings releases are to be followed in the upcoming weeks, as investors await Earnings Reports from Pakistan Oilfields (POL) and Attock Petroleum Ltd (APL).

KSE-100 Index at the day gained lost a total of 442.37 points, closing at 41401.02 points. Index touched an intraday high of 41635.74 points whereas touching a low of 40958.65.

In percentage terms, index was up by 1.08%.