Karachi, September 11, 2019: Pakistan Stock Exchange (PSX) on Wednesday observed a bullish momentum throughout the day making an intraday high of +553 points, where KSE-100 index closed at 30,955 levels (+488 up).
Major positive contribution came from the Oil sector, on the back of rising oil prices on global expectations of output cuts. POL (+1.3 percent), OGDC (+4.8 percent) and PPL (+5 percent) from the aforementioned sector contributed to sector gains.
Banking sector heavyweights experienced a stock price hike as well, including UBL (+2.3 percent), HBL (+4.7 percent) and MCB (+3.1 percent). LUCK (-1.1 percent), DGKC (-3.0 percent) and MLCF (-4.5 percent) from the Cement sector recorded losses as profit-booking continued from the last trading day. Traded value stood at $32 million, up 103 percent and volume stood at 100 million shares, up 107 percent.
Furthermore, major contribution to total market volume came from MLCF (-4.5 percent), OGDC (+4.8 percent) and WTL (-4.5 percent). Moving ahead, we expect market to remain volatile due to geo-political tension, topline research recommend investors to stay cautious at current levels.
