KSE-100 Index positive by 233 points in early trade

Pakistan’s benchmark, KSE – 100 Index, today opened the session on a positive note after losing more than 246 points during yesterday’s (Friday) session. 
The index today, however, opened the session positive at 41,732.68 level.

PNSC is expected to remain positive today, after government in the previous ECC meeting refused to revoke oil supply agreement between Pakistan State Oil (PSO) and Pakistan National Shipping Corporation (PNSC), saying that the companies are two separate commercial entities and should take their own decisions rather than coming to the federal government.

Furthermore, EPCL is likely to act positive in the market as Engro Polymer and Chemicals revealed an expansion plan on Friday, which states that the management is expected to raise Rs. 5.4 billion to via right issue to expand company’s production capacity. 

In the global news, the CEO of French oil giant TOTAL on Thursday said that “he wouldn’t be surprised to see the price of oil at $100/barrel later this year.” The reasons he stated for the steady rise in oil prices are the geopolitical conditions which are dominating the market again plus the supply and demand gap. This news is bullish for all the oil sector companies.

All Pakistan Manufacturers Association (APCMA) has advised the government to reduce the Taxes and Federal Excise duty (FED) in order to sustain the cement export industry competitive in the global market. Also, the increment in the local consumption which might lessen due to the less provision for allocation of PSDP in the budget 2018-2019.