Profit taking at Pakistan Stock Exchange

Karachi, September 18, 2019: In line with expectations, profit booking was witnessed in Wednesday trading session, making an intraday low of -400 points to close 353 points down at 31,555 level.

Today’s major contribution to the index came from PPL (-3.2 percent), LUCK (-3.6 percent), POL (-3.6 percent), OGDC (-1.2 percent) and HBL (-0.7 percent).

On the news front, International Monetary Fund (IMF) clarified that there would be no change in economic targets set for Pakistan including annual tax collection target for the current fiscal year.

Cements and E&P sector came under the hammering belt as investors opted to book profits where LUCK (-3.6 percent), PIOC (-2.1 percent), CHCC (-1.2 percent), MLCF (-0.9 percent), POL (-3.6 percent), PPL (-3.2 percent) and OGDC (-1.2 percent) were the major losers of the mentioned sectors.

Moreover, OGDC from the E&P sector declared its FY19 result, where the company posted an EPS of Rs27.53/ share and a cash payout of Rs2.50/share.

This is in addition to interim dividend already paid of Rs.8.50/share. Furthermore, we expect the market to remain under pressure where we recommend investors to adopt a sell on strength strategy.  

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