Daily Times

KARACHI: Pakistan equities closed marginally positive Tuesday with benchmark KSE-100 Index settling above 41,000 points level. The KSE Index gained 31.75 points to close at 41,036.30 points.

According to WE Financial Services’ analyst, the mixed sentiment in the market was observed mainly due to anticipated interest rate hike in upcoming monetary policy.

Market kicked off positive however thin volumes in the main board resulted in index trading in the range of 236 points and closed slightly positive. Major activity was witnessed in Cements and Oil as Crude oil (Brent) has crossed US$80/bbl. The market fluctuated within a 236 point range as market participants waited for news on a proposed electricity tariff hike. Activity continued to be dull for a second consecutive day with volume of only 101.7 million recorded, compared to a 5-day average of 145 million.

Mari Petroleum Ltd (MARI) gaining 2.79 percent, Pakistan Oil Fields Ltd (POL) gaining 2.11 percent, Lucky Cement (LUCK) gaining 1.61 percent, DG Khan Cement (DGKC) gaining 1.32 percent and Maple Leaf Cement (MLCF) gaining 3.27 percent collectively contributed 88 points to the Index. Dolmen City Reit (DCR) lost 0.55 percent following the announcement of its Fiscal Year 2017-18 (FY18) result posting EPS of Rs 2.27.

“We expect market to take cue from Tuesday’s Economic Coordination (ECC) meeting where tough decision on rise in electricity tariff is on the agenda”, said Elixir Securities’ research analyst Murtaza Jaffar.

The advance to decline ratio in the broader market remained in the favor of bulls; 122:191 and 25 scrips unchanged.

Published in Daily Times, September 26^th 2018.