PSX gain 122.67 points amid lacklustre trading
The flow of remittance has improved sharply during the preceding month
KARACHI (Dunya News) – The stock market on second session of the week showed some positive signs and closed with a gain of 122.67 points closing at 40,894.22 level with volume clocking in at 132.33mn shares.
The tone of the market remained choppy. Buying was witnessed in banking stocks on the back of upcoming Monetary Policy due to be announced later this week where market participants foresee Policy Rate rising by 100bps.
In addition, fertilizer scrips closed in green on the back of favorable off-take data where October 2018 witnessed Urea and DAP off-take rising by 24% and 35percent, respectively.
The market lacked positive news from the economic front where country require financial assistance either from the support from the brotherly countries or package from the International Monetary Fund.
Some support arrived before the closure of the market which helped turned tables following the announcement from the Government through the ECC meeting that during the winter season no gas load shedding would be observed. This helped improved sentiments.
The market in coming days likely to see mix trend. However at the interbank and open market dollar remained unchanged at Rs 134.04 and Rs 135.40 respectively. Both the market too anxiously waiting for some support from external side to react sharply.
The flow of remittance has improved sharply during the preceding month and it touched almost 2 billion dollars. However, country needs acceleration of exports to boost economy as well as foreign exchange earnings to reduce the current account deficit, an analyst said.
