LAHORE - It was an unsatisfactory session for the benchmark index as a lack of any major triggers eroded investors’ confidence. Fears of an economic slowdown continue to feed negativity in the market. Resultantly, the index hit a low of 38,820 level, but recovered within the final hours of the trading session to only lose 300 points( or -0.76 percent), closing at 39,303 level.
During the trading session INIL announced that it had been awarded a contract for the supply of 6,000KM of steel and Polymer API line pipes amounting to Rs3.3bn, by SNGPL. This led the scrip to close at its upper cap of Rs151.6.
Pakistan Cement dispatches declined 14 percent MoM during the month of Nov, 2018, which had a negative effect on the sector, led by PIOC (-5 percent), ACPL (-3.7 percent) and MLCF (-3.6 percent).
Investor participation declined today as traded volumes decreased by 30 percent to 138mn, while traded value regressed by 39 percent to US$50mn.
Meanwhile, Pakistan Petroleum Ltd (PPL) announced, in a notice to the exchange, a discovery in its operated exploratory well Hadaf X-1 in Gambat South Block, where the company has a stake of 65 percent. The well has flowed 12.1 MMCFD of gas and 157 b/d of condensate form lower Goru formation on 32/64” choke size.
Experts said that Pakistan’s outstanding foreign debt and liabilities rose 13 percent in the first quarter of the 2018/19 fiscal year to US$96.735bn, the central bank data showed.
