KSE-100 index opens positive yet fails to retain gains closed in red

Amanullah Khan

Karachi

Although the KSE-100 Index opened positive with a gain of over 100 points in the first session, however failed to retain the growth and dipped by 139 points to close in red at 48,088 levels here on Tuesday.
In fact the death anniversary of Shaheed ZA Bhutto, ghastly blast incidents in upcountry a couple of days ago as well as political road being hyped by political parties on PANAMA is had its impact on overall market sentiments reflected in the extremely low volume of 134 all market shares.
Meanwhile, in a dull trading activity environment BYCO was the volume leader of the day with a trade volume of 14 million shares to its credit. The second volume leader was Azgard nine with a trade volume of 7.89 million share and the Bank of Punjab was on third position with a trade of 5 million shares to their credit.
According to reports, the inflation for the month of Mar’17 clocked in at 4.9 per cent, this took the average inflation during 9MFY17 to 4.01 per cent. SBP in its recent economic report painted an upbeat picture of the economy with real GDP growth likely to be higher than last year’s growth and in the range of 5 per cent-6 per cent.
However, current Account position remains a cause of concern as deficit has more than doubled to USD5.2b (2.6 per cent of GDP) in 8MFY17.
On the international oil front, the prices fell in the previous session to US$50.10/bbl as Libyan oil production resumed after week-long disruption. Also, the prices were under pressure by rising U.S. oil production and drilling activity.

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