Pakistan’s benchmark, KSE-100 Index went on to extend yesterday’s positive rally after it opened the session up 100 points at open. The index has rallied on the back of accepted Finance Bill, Amnesty 2018 and the Supplementary Budget.
The index is currently trading at 41,913.18 level.
According to a filing on a bourse yesterday, Ghani Gases Limited (GGL) is slated to setup fourth plant in Pakistan to cater to the increase in expected demand of industrial gases in upcoming CPEC projects of special economic zones and to capture the market share. The new plant is expected to have the capacity to produce 225 tons per day of industrial and medical gases.
Moreover, Abraaj, the largest Middle East private equity fund, is currently facing an onslaught of investigations initiated by the Bill and Melinda Gates Foundation and International Finance Corp – A WBG Company – for misallocating $1 billion in the healthcare fund.
Furthermore, credit rating agency Moody’s has maintained Pakistan’s rating at “B3 stable” but warned of government’s placid revenues amid rising level of external debt which is expected to result in a sharp depreciation in the Rupee.