LAHORE - After consecutive decline during the past 5 days, Pakistan equities recovered Tuesday closing 171pts higher. The increase in index can be attributed to attractive valuation levels as market fell 1,164 points in 5 preceding trading sessions. KSE-100 index closed at 41,754 level, up by 0.41 percent.
As per news sources, Prime Minister Imran Khan constituted a committee under Secretary Housing and Works to chalk out a detailed plan for construction of five million low-cost houses in the country. Combined with lower coal prices, the said news led to a rally in cement sector, adding 58pts to the market. Similarly, Oil & Gas Exploration companies contributed 40 points to the index, led by OGDC and PPL (23 points each) amid recent gains in international oil prices.
KEL continued with the upward trend, gaining 9 percent in last two trading sessions as news related to review of its sale to Shanghai Electric, turned investor sentiment bullish on the stock. KEL has also been the volume leader 2 days running.
Experts said that the share of Pakistan-based Islamic banks in global Shariah-compliant banking assets stands at a meager 1 percent, according to the State Bank of Pakistan (SBP). Islamic banks in Pakistan own assets worth Rs2.48tn (US$19.93bn) as of June 2018, which comes close to 1 percent of the global Islamic banks' assets of US$2.05tn by the end of 2017, the SBP said.
The central bank, however, reported that Pakistan's Islamic banking industry had continued to expand its market share in the overall banking industry with its asset base and deposits growing significantly in the last one year.