Stock Market witnessed recovery

┬áKarachi, September 19, 2019: Bears were defeated in Thursday’s trading as market witnessed recovery. The market opened positive and touched a high of +680 points as institutional participation was witnessed mainly in the main board stocks.

The market remained green throughout the day and closed at 32,184 level. Positive sentiments in the market can be attributed to attractive valuations of the KSE-100 index stocks.

Overall volumes stood at 137 million shares, while value traded stood at US$38 million. LOTCHEM (-0.7 percent), PIBTL (+10.4 percent) and TRG (+6.5 percent) cumulatively contributed more than 31 million shares to the total volume.

Buying was largely driven by value hunters with cements heavyweights such as LUCK (+3.7 percent), MLCF (+3.2 percent), FCCL (+3.1 percent) and DGKC (+2.2 percent) leading the charts.

Furthermore PPL (+2.3 percent), POL (+1.4 percent), BAFL (+0.2 percent), HBL (+1.6 percent) and UBL (+0.7 percent) from the E&P and banking sector enjoyed the same upward trend.

NML (+3.5 percent) from the textile sector announced its FY19 result, where the company posted an EPS of Rs22.20 and a cash payout of Rs4/share. Moving forward we expect market to likely play above 32,000 level, where we recommend investors to buy on dips.

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