KARACHI: Anticipating the scheduled announcement of the State Bank of Pakistan’s Monetary Policy Statement on 21st, the KSE investors remained cautious as benchmark KSE-100 index decreased by 73.36 points to reach 31,451.62 points versus 31,524.98 of the previous session.
The expected rate cut over weekend and attractive valuations failed to generate excitement with participants recovering from previous bloodbath following Lahore terrorist attacks.
An exert said with weekend monetary policy and Pakistan playing Cricket World Cup quarter final, expect unusual volumes ahead of long weekend however we see a recovery in wider market on local buying.
Cement traded mostly in green where Maple Leaf and Fauji Cement closed positive with 6 million and 4 million traded volumes respectively. He said, “We expect index to continue tracking foreign flows while more than 50 basic points system rate cut in upcoming MPS could provide some support.”
