KMI: Fertilizer & oil stocks to remain in limelight
KARACHI: Fertilizer and oil stocks will remain in limelight with better expected dividend yield and improved sales. Market is expected to remain steady after rupee strengthening once again and signaling that macroeconomic outlook is not as bleak as was thought few days ago.
The Halal stocks index KMI 30 went up by 190.08 points to close at 21,174.31 points as against 20,984.23 points, the closing figure of the previous session.
The bullish trend on Wednesday was supported by recovery in the global stocks and over the expectations of interest rate cut by the State Bank of Pakistan (SBP). On macro level things are not good and rupee depreciation against dollar adds to inflation. The economic slowdown would not only hinder growth but affect textile, automobile and cement industries too.
The Halal index is continuously witnessing low volume as only 29.24 million shares traded during the trading session against 24.327 million shares recorded in previous session.
National Clearing Company of Pakistan Limited (NCCPL) data revealed that foreign institutional investors were net sellers of Rs 259.151 million worth of shares during the trading session.
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