Fertiliser, banking stocks push PSX further up

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LAHORE  –  Benchmark KSE 100-index of Pakistan Stock Exchange continued to close on a positive note for second consecutive day of the week, gaining 134 points amid attractive valuations.

Interest was seen in fertilizer sector & commercial banks, which added 156 points cumulatively to the index gain. Fertilizers remained in limelight due to declining inventory whereas expectation of interest rate hike ahead of upcoming monetary policy led to interest in banking sector.

Despite rise in the index, trading activity remained on the lower side as traded volumes were down 23 percent whereas traded value was down by 26 percent.

As per the notice sent to PSX, Al-Shaheer Foods (ASC) informed that its expansion project ie ‘Poultry & Meat Processing Plant and Extension of Retail Network’ will commence operations from Aug 2018.

Remittances sent by overseas Pakistanis reached $19.62 billion in FY18, up 1.4 percent, from $19.35b the previous year. The State Bank of Pakistan, however, reported that the inflows in June fell to $1.59b, down 13.36pc, from $1.84b in the same period of 2016-17. Despite a continued decline, Saudi Arabia remained the largest source of remittances with inflows from the kingdom clocking in at $4.86b, witnessing a drop of 11.17pc.

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