Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

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Pre-poll buying spree sends index up by 2,130 points in three days

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KSE 100 Index opened yesterday’s session with 400 points up and continuing that trajectory forward closed the session upwards by +998 points at day end amidst resuming volumes. The last three sessions have pushed the 100 index upwards by 2,130 points.

The market is visibly bullish on the pre-poll sentiment, as participation grew to three month highs with total value growing by 52 percent to $102 million. Cement added 127 points as investors anticipate a higher than expected top-line growth emanating from the retail prices increases per bag, Commercial banks +232 points also continued its bullish run on the back of another rate hike in the coming monetary policy statement.

Cement and Commercial Banks continue to remain in the limelight amidst attractive valuations.  

State Bank of Pakistan (SBP) announced a landmark policy to boost investment in the housing sector, anticipating to raise the mortgage booking of banks from Rs. 83 billion to Rs. 250 billion by June, 2021. The central bank has published the draft policy on the website and has invited input from all stakeholders.

Under directions from the Securities and Exchange Commission Pakistan (SECP), the Pakistan Stock Exchange (PSX) yesterday removed Mr. Lawai from the Chairmanship and appointed Mr. Sulaiman A. Mehdi in his place.

Furthermore, in corporate announcement Agro Allianz formerly known as Karim Cotton Mills have decided to raise the authorized capital of the company from Rs. 8 billion to Rs. 250 billion. In another notification, Power Cement announced that it has received 62 percent of the shipments for the supply of engineering and equipment to complete the proposed expansion at the plant. The company seeks to increase production by adding a new line of 7,700 TPD at the existing site.

Posted on: 2018-07-20T08:55:00+05:00

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