Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
November 8, 2015

Karachi bourse may remain bullish on likely discount rate cut


November 8, 2015

The Karachi Stock Exchange (KSE) continued upward momentum amid chronic volatility originating from crude oil prices and foreign selling in the week ended November 6, while analysts said the market is likely to remain bullish on likely rate cut in the upcoming monetary policy.
Faizan Ahmed at JS Global Capital said unabated selling of foreign funds and investors had continued off late owing to massive redemptions in the frontier market funds.
"Remarkably, locals have continued to absorb this selling despite sentimental concerns over regulator investigations against some brokers and investors."
The KSE-100 shares Index gained 165.14 points, or 0.48 percent, in the week ended November 6 to close at 34,426.75 points. The KSE-30 shares Index gained 137.49 points, or 0.67 percent, to end the week at 20,554.88 points.
Foreign portfolio investment eased net outflows of $10 million in the week as compared to the outflows of $20 million last week. Average daily turnover improved by 13 percent to 187 million shares a day.
On a sector-wise basis, electricity led the increase, contributing 51 percent to the index gains. Top gainers on the benchmark KSE-100 Index included TRG Pakistan, up 15.1 percent that rallied on the rumours of high valuations of its subsidiary and Pakgen Power, up 10.5 percent on account of revised tariff for coal conversion.
During the week, the auto sector remained in the limelight with Atlas Honda Limited announcing a three-year expansion plan to double the installed capacity of its Sheikhupura factory from the existing 0.6 million to 1.2 million units. The federal government released Rs164.55 billion, or 23.5 percent, of the total Rs700 billion allocation for various development projects under PSDP. Cement sales for October rose by 10.6 percent to 2.595 million tons mainly led by the increase in local sales. The government plans to shift the 60mmcfd gas supply from Engro Fertilizer to Guddu Power Plant in December in order to

increase the electricity production by 600MW to 700MW till April 2016.
The prices of petrol / diesel were raised by Rs2.50 / Rs1.75 to Rs76.26 / RS83.79 per liter as part of the monthly price review, which cheered investors in the OMC sector.
As per the Supplemental Agreement issued by the government to the E&Ps, the conversion of gas prices to 2012 Policy is evidently approved for new discoveries; but the market was confused as to whether the same would apply to discoveries older than 2012.

Topstory minus plus

Opinion minus plus

Newspost minus plus

Editorial minus plus

National minus plus

World minus plus

Sports minus plus

Business minus plus

Karachi minus plus

Lahore minus plus

Islamabad minus plus

Peshawar minus plus