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|Subject: KSE-100 Index jumps by 348.15 points to 31799.77 on SBP’s remittances, CA surplus report Fri 20 Mar 2015, 12:18 pm|| |
KARACHI: Following the SBP report that the current account for February 2015 showed a surplus of $877 million, and that remittances have been increasing with an average of over 14 percent, the KSE-100 Index jumped by 348.15 points or 1.11 percent to reach 31799.77 in the late morning trade on Friday as compared to 31,524.98 of last session.
The High and Low were 31810.63 and 31451.62 respectively while the total volume trade in the market was 23,505,550. The State Bank of Pakistan reported that the current account surplus helped the deficit reduce its weight while the deficit fell to $1.614 billion in July-February eight-month period of 2014-15.
The current account deficit was $2.453bn in the same period of last fiscal year while the total deficit was $3.129bn in 2013-14. It shows that January 2015 posted a current account deficit of $74m.
Likewise, remittances have been increasing with an average of over 14 percent in the current fiscal bringing a total $11.75bn home in July-February eight-month period of 2014-15.
Earlier, the KSE investors remained cautious as benchmark KSE-100 index had decreased by 73.36 points to reach 31,451.62 points versus 31,524.98 of the previous session, anticipating the scheduled announcement of the State Bank of Pakistan’s Monetary Policy Statement on 21st.