Karachi, September 12, 2019: The benchmark index witnessed positive investor sentiment in Thursday session, making an intraday high of +892 points to close at 31,547 levels, +592 points above yesterday’s close.
Volumes improved as 186 million shares were traded in the market as compared to 100 million shares in the previous trading session. KEL (+4.9 percent) from the power sector was among the market leaders in terms of traded volume with 16 million shares changing hands.
On the news front, Prime Minister Imran Khan will visit Saudi Arabia enroute to New York on September 19, 2019, aimed at reminding the Crown Prince, Muhammad Bin Salman of pledges made during his visit to Pakistan.
Cement sector led the gains in the market as LUCK (+5.0 percent), DGKC (+4.9 percent), PIOC (+4.6 percent) and CHCC (+5.0 percent) all closed positive. Heavy volumes were witnessed from the E&P sector where PPL (+2.7 percent) and POL (+0.4 percent) closed in the green.
HUBC (+1.7 percent) from the power sector declared its FY19 result, where the company posted an EPS of Rs. 9.37 with no cash payout. Moreover, from the steel sector ASTL (+5.9 percent) declared its FY19 result, posting an EPS of Rs. 0.11. Moving ahead we recommend investor to adapt a sell on strength strategy.
