July 27, 2020 (MLN): The KSE-100 index has crossed the 38,000-mark during the first half of the session, as it is currently up by 426 points and trading at 38,033 points.
The market has once again gained impetus from the fertilizer offtake results, wherein the sale of nutrients registered a growth of 67% during the month of June. The two major fertilizer products, i.e. Urea and DAP witnessed a growth of 81% and 11.5% respectively, as compared to the last year.
The market also seems to be benefiting from the financial results of the banking sector. So far, Habib Bank Limited has announced its financial results, wherein it has reported a three-fold increase in net profits for the first six months ended on June 30, 2020, as compared to the same period of last year.
While the results of the rest of the banks are still awaited, the financial previews put forth by several brokerage houses have indicated commendable growth for most of them.
As of now, Commercial Banks and Fertilizer Sectors are trading on top for the reasons mentioned above, with a total contribution of 206 points to the benchmark index so far.
Moreover, the index has traded in a range of 426 points and has touched a high of 38,034 and a low of 37,607 points.
