Lahore - Pakistan equities closed positive 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 today's trading session. 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.
Cement sector blew hot and cold in the trading session where LUCK (+1.08 percent) and PIOC (+1.43 percent) closed positive while DGKC (-1.40 percent) and MLCF (-0.42 percent) closed in the red zone. PPL (+1.41 percent) and OGDC (+0.58 percent) from the 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. Furthermore, major contribution to total market volume came from EPCL (+2.83 percent) and LOTCHEM (-1.35 percent). Moving forward investors are recommended to trade cautiously and reduce short-term positions on strength, and await clarity on prevailing political issues.
Experts said lack of any triggers kept Investors subdued as they awaited news from Islamabad, where talks about a bailout package with the International Monetary Fund (IMF) concluded yesterday. Consequently, the index gained a miniscule 66 points (or +0.16 percent), closing at 41,419 level. After the end of trading session a Finance Ministry official stated that some outstanding issues still remain with the IMF’s bailout agreement. Resultantly, bailout negotiations will be extended until the latter's board meeting in January, 2019 as talks this month ended in a stalemate.
The Chemical Sector dominated investors interests as it generated 47mn in shares traded, led by ICI (+5 percent), EPCL (+4.46 percent) and NRSL(+2.36 percent) which generated 30.5mn, cumulatively. This was the best performing sector as it added 36pts to the index.
