Lahore - Pakistan Equities maintained previous day’s momentum in Tuesday’s session as the index gained 490 points (or +1.27 percent), closing at 39,053 level. Positivity was sustained due to the support package agreed with the UAE and the loosening of political tension in the country.

With the government releasing a notification to immediately halt the import of furnace oil, the Refinery sector closed in the green, led by BYCO (+6.16 percent), ATRL (+5 percent), PRL (+5 percent) and NRL (+1.9 percent).

KEL, TRG and BOP were the volume leaders scrip-wise, generating 28mn in shares traded, cumulatively. Sector-wise volume leaders were Cement, Chemical and Commercial Banks, generating 63mn in shares traded, cumulatively.

Investor participation improved as traded volumes rose by 6 percent to 166mn, while traded value increased by 16 percent to $58m.

Experts said that the government is formulating a strategy to achieve the target of 15mn cotton bales by the end of 2019, with special focus on increasing the area under cultivation and decreasing inputs cost.

They said that government is targeting an average economic growth rate of 5.8 percent the departing rate of the last government over the next five years of its term amid poor showing of the agriculture sector next year.

Abraaj is close to reaching an agreement with the Pakistan government that will allow the failed emerging markets private equity firm to sell its 66 percent stake in Karachi-based K-Electric to a Chinese group.

The country’s GDP growth rate will plunge to 4.4 percent clouded by widening twin deficits fiscal and external account despite expectations of central bank holding rates steady to support economic activity, says Fitch Solutions in its latest analysis of Pakistan’s economy.

Pakistan’s public debt rose 9.25 percent or Rs2.24trn to Rs26.45trn in the first five months of the 2018/19 fiscal year as the government continued to rely on domestic and external borrowings to meet its financing needs.