Benchmark KSE 100 Index opened positively at 44,153 level today, posting a high of 44,249.13 and a low of 43,936.01. Currently the Index is trading at 43,830.28, down by 232.97 points. Up till now the traded volume is 18.95 million shares worth Rs1.78 billion.
Oil and gas Exploration Companies, contributing 71.79 points positively in the market as Oil prices spikes in the International market increases.
OMC’s might act positively as according to the news, The Economic Coordination Committee (ECC) of the Cabinet on Tuesday provided a legal cover to Rs7.34 billion payments already made to Oil Marketing Companies (OMCs) as price differential claims (PDCs) for period 2007-12 on imported petrol. The ECC accorded an ex-post facto approval for Rs7.34bn paid during previous years to OMCs against their PDCs” that was ‘duly verified and audited’.
K- Electric might be positive today as Sindh High court revokes the order against K-Electric, according to the press release, Ruling in favor of K-Electric (K-E), the Sindh High Court revoked the ‘restrictive orders’ issued to the power utility over Karachi Metropolitan’s (KMC) complaint against discontinuation of electricity connection to local body institutions by K-E.
Moreover, news Pakistan’s major oil marketing companies are set to complete upgrade of their pipeline network from the port city of Karachi to upcountry at a cost of $480 million by mid-2019 to cater for the growing petrol demand at lower transportation cost and in lesser time.
Furthermore, Bank Alfalah and Engro Fertilizers signed an agreement as part of the Agri value Chain Financing Program for the current Kharif Season. The Seasonal Facility will be available for the growers registered with Engro Fertilizers in the Project “Rahbar” and will benefit the farmers of selected districts of Sindh and Punjab.
Furthermore, Cement sector is down due to the increase in the coal prices in the International Markets.
Commercial Banks are down because of the unfavorable taxes imposed on the banking sector.
