Benchmark KSE 100 Index today opened negatively at 43,531.30 level, reaching an early high of 43,594.79 and a low of 42.952.22. Currently the Index is trading at 42,967.05, negative by 627.74 points. Up till now the traded volume is 17.76 million shares worth Rs. 993.93 million.
Commercial Banking Sector was down by 114.04 points, Cement sector since the open has lost 93.40 points, Oil and Gas Exploration Companies Sector is negative by 88.45 points; the sectors continue to bleed due to a negative sentiment prevalent in the market.
SSGC seeks approval of price hikes as the petitioner has asked the authority to approve a price increase of Rs 109.03 per MMBTU with effect from July 1 in its tariff for the financial year 2018-19.The OGRA has asked consumers to furnish their comments on the petition. The OGRA has also decided to hold public hearings in Karachi on May 14 and Quetta on May 16. The ERR for financial year 2018-19 has been worked out requesting an increase of Rs 39.030 billion (Rs 109.03 per MMBTU in SSGCL prescribed price effective from July 2018) in indigenous gas business and Rs 10.5 billion are required in RLNG business which include Rs 10,251 for transportation business and Rs 254 million for distribution of RLNG to SSGCL customers., according to a report on Business Recorder.
Moreover, Textile Package is also expected to be announced next week. Finance Minister Miftah Ismail Saturday said the government will announce a export package next week with a view to increase exports to $27 billion in the next fiscal year. The government will release around Rs. 100 billion to exporters under the sales tax refunds before the end of its tenure, he assured the members of Council of All Pakistan Textile Associations (CAPTA) at a meeting held at the PHMA House.
Moreover, on the request of defence authorities, the federal government has finally ordered immediate suspension of unauthorized operations at two key oil installations at Kemari in Karachi being carried out by private oil marketing companies (OMCs) without prior security clearance, it emerged on Sunday.
Furthermore, The Economic Coordination Committee ECC has approved the financial restructuring of PIA after a detailed review of PIA's Strategic Business Plan 2018-22.
Fertilizer sector is likely to act positive as fertilizer industry has warned of a further increase in urea prices as government is looking reluctant to release pending subsidy claims, which could prove a political setback for the current PML-N administration in upcoming general elections. Furthermore, Fertilizer manufacturers have informed the government that companies may further increase the price of urea by Rs200/50kg bag in case the government failed to release the unpaid subsidy worth Rs20 billion to the industry.