Pakistan’s benchmark KSE – 100 Index has embarked on a bullish journey after closing 119 points up following a sharp retreat for six continuous sessions.
At the moment, Index is up 169.59 points up by 0.37 percent currently at 45977 points.
Most gains to the Index yesterday came on as a result of optimism in prices bolstered by SEARL (+2.2%), ABOT (+3.9%), SHFA (+3.8%), COLG (+4.98%), PAKT (+3.05%), MTL (+1.68%), LUCK (+1.90%) and FCCL (+2.72%). In contrast, Crude oil prices falling in retreat, less-than-expected earnings from refineries and a percentage sale in OGDC (35 million shares $ 50 million or 0.81% of outstanding shares) from a foreign buyer took their toll on the market.
Despite numerous boastful remarks from the Prime Minister Mr. Shahid Khaqqan, the government has backtracked on the plan to stop furnace oil imports. With the rising energy deficit in the country coupled with the seasonal demand effect during Ramzan, the government has allowed PSO to start importing oil shipments.
Furthermore, globally IMF sees a 3.9 percent growth in global GDP, however, cautions on the rising tensions emanating from the trade spat between US, China and other countries. IMF warns that these if not corrected, these steps could erode the growth in the global economy and trade.
