KARACHI – The benchmark KSE-100 Index reversed its early gains till mid day trading on Tuesday and went back to 34685.08 points from all-time high of 34819.79 points when it gained 143.48 or 0.41 percent in early trading of the same day.
Till mid day trading, the index gained 8.77 points or 0.03pc with High and Low of 34844.77 and 34673.50 and total volume of 110,752,200. Experts said that positives are ranging from lower inflation numbers for January to a sharp recovery in the international WTI crude oil prices. The current week in the beginning saw KSE 100-share index adding 232.44 points to close at 34,676.31 points compared to Friday’s 34,443.87 points, also lowest of the session.
Earlier, the Friday’s announcements by Prime Minister for one percent rate-cut in the corporate tax and the downward revision, by 1.5 percent, of banks’ exports financing rates were other positives for investor sentiments.
Despite weak earnings in fertilizer and oil sector this quarter, decline in local petroleum prices, expectations of lower CPI inflation data for Jan’15 and renewed foreign interest in blue-chip stocks kept the index bullish. Going forward, we expect the market to continue to its bullish momentum.
