Pakistan equities closed positive on Tuesday with benchmark KSE-100 Index settling at 41,419 levels, up 66 points. The market kicked off on a positive note making an intraday high and low of +113 and -139 points, respectively.
A range-bound session was witnessed as investors remained cautious in Tuesday’s trading session. Market opened in negative however it remained choppy for most part of the day. Trading activity remained low with only 79 million shares exchanging hands in the benchmark KSE 100 Index as investors await for IMF stance after conclusion of ongoing negotiations.
Major participation was seen in Engro Polymer & Chemical Limited EPCL PA 2.83% with price action climbing up to test its upper price limit followed by Nimir Resins Limited NRSL PA 2.36% and Pakgen Power Limited PKGP PA -0.69%. The three shares together contributed nearly 40 million shares or 24 percent of the total traded volumes in the regular market.
On the economic front, the government has received $1 billion from Saudi Arabia as the first installment out of the total $3 billion committed by the Kingdom to help Pakistan build its balance of payment support.
The International monetary fund (IMF) has demanded Pakistan to increase the power tariff by 20 percent. The fund also asked Pakistan to provide all the details of its financial assistance deals with China.
“We expect market to take cues from statement of IMF review mission along with materialization of further funds from Saudi Arabia”, said Murtaza Jafar, an analyst at Elixir Research.
Cement sector blew hot and cold in the trading session where LUCK (+1.08%) and PIOC (+1.43%) closed positive while DGKC (-1.40%) and MLCF (-0.42%) closed in the red zone. PPL (+1.41%) and OGDC (+0.58%) from the Exploration and Production (E&P) sector recovered a little however crude oil prices edged lower in the international market trading at $57.08/bbl.
Traded value stood at $57 million (up 11 percent) while volumes clocked in at 167 million, down 5 percent.
An equity analyst Maaz Mulla said investors are recommended to trade cautiously and reduce short-term positions on strength, and await clarity on prevailing political issues.
Published in Daily Times, November 21st 2018.
Pakistan is once again at the doorstep of the IMF with a promise of structural…
The Ministry of Federal Education and Professional Training has started the implementation of a free…
A three-member medical team from the Pakistan Institute of Medical Sciences (PIMS) advised Bushra Bibi,…
Upon arriving in Lahore, Iranian President Seyyed Ebrahim Raisi expressed his desire to address a…
The per tola price of 24 karat gold decreased by Rs.3,500 and was sold at…
The US dollar has decreased in value against the Pakistani rupee in the foreign exchange…
Leave a Comment