LAHORE - The KSE-100 index remained in positive territory for the third consecutive day, gaining 288 points as attractive valuations continued to outweigh political noise and macroeconomic woes. The index closed at 39,875, up by 0.73percent, slightly shy of 40K level.
Fertilizer Sector and Commercial Banks continued to dominate the market, adding 227 points cumulatively to the index. Declining fertilizer inventory and expectations of interest rate hike is keeping the aforesaid sectors of interest to the market participants.
The State Bank of Pakistan is expected to announce Monetary Policy Statement on 14th July, 2018. Trading activity continues to be lackluster as indicated by 15percent decline in volumes traded and 19percent fall in value traded.
Experts said that index observed a volatile session throughout the day, making an intraday high of +330 and intraday low of -350 points. Market volumes remained low as total volume for the All-Share index touched 109mn shares, 15percent down from the last trading day. FCCL (-1.9percent) from the cement sector remained volume leader with 5mn shares traded in the market.
On the news front, Pakistan's trade deficit touched all-time high of $37.67 billion in the fiscal year 2017-18, up by 15.95pc over $32.49b for the last fiscal year. Commercial banks led the positivity in the market where AKBL (+5.0pc) closed at its upper circuit, while HBL (+0.9pc) and MCB (+1.3percent) closed in the green zone. Selling pressure was witnessed in the cement sector where DGKC (-1.0pc) and FCCL (-1.9pc) closed lower than its previous day close. From the E&P sector, OGDC (-0.5pc) and POL (-0.3pc) closed in the red trajectory as crude oil prices took a sharp decline in international market trading at 70.94 USD/bbl.