KARACHI: Paring the last session modest recovery from recent low, the benchmark KSE-100 Index surged to 33250.35 points with a minor gain of 7.40 points or 0.02 percent in the early trading of Thursday.
The hike may be due to lower international oil prices, record growth in cement sales, falling CPI Inflation and PIB yields indicating imminent SBP Policy rate cut this month.
Earlier, the Karachi Stock Exchange had remained volatile to close at 33242.96 levels up 0.16pc. As the market ended up by 54 points, the initial advancement of 275 points in the earlier half of the day proved to be short-lived.
An analyst said on the back of slight recovery in global oil prices, the Oil & Gas sector attracted investor interest. Meanwhile, investors remained cautious due to fear of continuous foreign outflows and local Mutual funds selling. In the last session, stocks showed recovery led by power and auto sector stocks on strong earnings outlook.
The expert said lower international oil prices, record growth in cement sales, falling CPI Inflation and PIB yields indicating imminent SBP Policy rate cut this month played a catalyst role in positive sentiments at KSE despite rumors on cement sector price wars likely to dent earnings outlook for cement sector. Meanwhile, the High and Low were 33304.88 and 33242.95 respectively while the total volume traded in the market was 7,331,050.
