Karachi—KSE-100 Index made a history by clinching an all time high 41,123 levels with a gain of 137 points to close in green amid impressive volume of all shares of 559 million here on Tuesday. The top performer of the day was the Bank of Punjab with a trade volume of 59 million shares to their credit while PIA and TRG Pakistan were second and third volume leaders with respective trade of 44 million and 32 million shares to their credit. Meanwhile the international oil prices rose more than 1% Monday to US$49/bbl after Iran urged oil producing countries to take a decision to raise the price of oil and stabilize the market.
However, the prices have eased a bit as concerns mounted about a global supply glut after a rise in Iran’s oil exports, reaching pre-sanctions level. Finally, Morgan Stanley put out notes to clients, making it clear that there might be a risk of failure at the next meeting in November. It is believed that recent recovery in oil prices, though modest, were warrant some caution due to its two-fold impact on CPI and currency.
While import demand is expected to accelerate in line with growth in manufacturing sector, the market analysts content that sustained commodity price reversal to be the first warning sign towards an earlier than expected policy rate hike.