Karachi, September, 17, 2019: The KSE-100 Index blew both hot and cold on Tuesday, making an intra-day high of +177 points and stoping to a low of -159 points, to finally close at 31,909 levels (-20 points).
Volumes increased by 17 percent DoD to 122 million shares, compared to 105 million shares in the previous trading session. PAEL (+4.2 percent), MLCF (-0.8 percent) and DGKC (+1.8 percent) were the volumes leader for the day cumulatively changing 34 million shares throughout the day.
On the news front, in line with our expectation the central bank kept its benchmark interest rate unchanged at 13.25 percent. Profit booking was witnessed in the cement sector, where LUCK (-3.4 percent), MLCF (-0.8 percent) and PIOC (-0.9 percent) lost value to close in the red zone.
Furthermore PPL (+1.3 percent), OGDC (+0.3 percent) and POL (+0.7 percent) from the E&P closed higher as crude oil prices further inched up in the international market. Moving forward we recommend investors to adopt a sell on strength strategy.
