KSE-100 Index down by 175 points in early trade

Pakistan’s benchmark, KSE – 100 Index, has today opened the day on a positive note after losing more than 431 points yesterday.

The index today, however, opened the session positive at 41,886.67 level.

Fertilizer sector to act negative as ECC approves the proposal to allocate 30 MMCFD Mari Shallow gas and 40 MMCFD of mari deep gas to Pak Arab Fertilizer for the complete utilization of the available installed capacity and in order to lessen the reliance on imported urea. In accordance with the above issue, the related committees were asked for the examination of the weighted average cost of gas and new arrangement of weighted average sales price.

PNSC might be bearish today as PSO is all set to scrap Contract of Affreightment (COA) with Pakistan National Shipping Company due to substandard and insufficient fleet.

In the global news, according to the business recorder report, The CEO of French oil giant TOTAL said Thursday that he wouldn’t be surprised to the price of oil at $100/barrel later this year. The reason he stated for the steady rise in the oil prices are the geopolitical condition which are dominating the market again plus the supply and demand gap. This new is quite positive for the oil companies.