Pakistan’s benchmark KSE – 100 Index has extended yesterday’s bullish run after it closed Monday up by more than 270 points. Index during the first hour of trading has managed to gain 200 points, up by 0.45 percent. Index is currently trading at 46,223.18 points at 10:21.
Index volumes at yesterdays’ close stood at 283 million. The market expects the gains to be bolstered at 46400 points in today’s session.
Oils, Textiles and Autos are early movers in market with collectively propping the index up by more than 90 points. Auto sector has been in limelight as Pakistan Automotive Manufacturers Association (PAMA) is expected to post auto sales numbers in the coming week.
Analysts expect robust growth in auto sales during the first quarter of 2018 with tractor sales to register record growth.
In global markets, US today imposed 25 percent tariffs on 1,300 Chinese high-tech products in a bid to retaliate against China’s neglect of Intellectual Property Rights. US Equities were bullish after the new tariffs, however, US Equities witnessed the second biggest outflow in first quarter; $63.3 billion flowed out of U.S. stock funds in the first quarter, the second highest quarterly outflow ever.