KSE index juggled between green and red

Karachi, May 14, 2019: The KSE-100 movements on Tuesday were reminiscent of a seesaw, where the local bourse juggled between green and red, making an intraday low of -209 points, followed by an intraday high of +167 points to close at 33,885 levels (down 15 points).

According to the JS report, total volume was recorded at 106mn shares, down 13 percent from yesterday. KEL (-1.5 percent), UNITY (-8.8 percent) and MLCF (-5 percent) led the volume with almost 20 million shares changing hands.

Major gainers of today’s trading session were ABL (+2.5 percent), HUBC (+2.0 percent), BAHL (+0.7 percent), PPL (+3.8 percent) and POL (+2.7 percent) while KEL (-1.5 percent), SNGP (-2.5 percent), and FFC (-0.7 percent) were the major laggards. Cement sector continued its declining trend where DGKC (-5 percent), KOHC (-5 percent), CHCC (-5 percent), PIOC (-5 percent) and MLCF (-5 percent) closed limit down.

Buying was witnessed in the E&P sector as investors took the opportunity to accumulate stocks on attractive valuations. PPL (+3.8 percent), POL (+2.7 percent) and OGDC (+0.9 percent) were the major movers of the mentioned sector.

Moving forward, we expect the market to remain negative on the back of concerning economic indicators. Hence, we recommend investors to remain cautious in trading.

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