Karachi, January 10, 2019 (PPI-OT): Closing Bell – Market Cheers Developments on FATF Front
Benchmark KSE100 Index closed marginally positive to settle above 39,000 level. Market initially traded higher (up to +305 points) led by positive news flow on satisfactory remarks by FATF over Pakistan’s action plans given to curtail money laundering and terror financing; however lackluster participation and choppy behaviour led the market to skid lower particularly during the last hour of the day.
Total volume stood at 112mn shares in All Share Index where retail names ruled the volume charts. Oil and Gas Development Company OGDC PA +2.39% and Pakistan Petroleum Limited PPL +3.29% remained amongst the major contributors to gains in KSE-100 on the back of increase in international crude oil prices. Moving forward, we expect market to consolidate within 38,600 – 39,200 until upcoming Mini Budget due on 14th January.