LAHORE - Overlooking concerns on macroeconomic front, depicted by ballooning current account deficit (CAD) which clocked in at $2.2b in Jul 2018 last week, equities managed to close +157 points in yesterday’s trading session. Experts believe that investors cheered the recent foreign exchange reserves figure which depicted a WoW growth of $82m as of 17 Aug, 2018, contrary to expectation of a decline. Top performing sectors included commercial banks, adding 67 points to the index, with BAFL contributing 23 points as market rewarded the stock for a good earnings show. The overall positive sentiment in the banking sector can be attributed to the recently published data on fiscal deficit which indicates heightened need of borrowing by the government. Similarly, oil & gas exploration companies added 36 points to the index based on increase in oil prices.
Market participation came back to life as dull activity in the post Eid ul Azha session rebounded. Resultantly, volumes rose by 88% to 218m shares and value traded climbed by 101% to $ 73m.