Index bolstered by Fertilizer scrips in early trade

Index is currently bullish with +50 points in early trade led by Fertilizer and Cement sectors scrips.

Fertilizer sector scrips will be in limelight owing to the fact that Urea prices posted a sharp increase of more than 15 percent during the last six weeks. The prices have recently reached Rs. 1500/- bag during the last 1.5 months.

In economic news, Finance Minister Dr. Shamshad Akhtar said the date of Amnesty Scheme as announced by the Government for declaration of assets will not be extended beyond June 30, 2018 deadline.

On the oil front, Russia and Saudi Arabia are planning to ask Organization of the Petroleum Exporting Countries (OPEC) to hike oil production by 1.5 mbbl per day in the during the third quarter of current year, Russian Energy Minister Alexander Novak said while addressing a presser.

Furthermore, World Bank Group (WB) is committing over half a billion dollars through two projects to support renewable energy in Sindh and expand economic activity between Pakistan & Afghanistan through the development of an economic corridor along the Khyber Pass.