Karachi, March 05, 2020: Bears were defeated in today’s session as the market witnessed recovery. The benchmark index opened positive and touched a high of +836 points as institutional participation was witnessed mainly in the main board stocks.
The market remained green throughout the day and closed at 39,382 (+476 points) level. Positive sentiments in the market can be attributed to attractive valuations of the KSE-100 index stocks.
Overall volumes stood at 341 million shares, while value traded stood at US$86 million. FCCL (+6.7 percent), UNITY (-0.2 percent) and PIBTL (+8.7 percent) cumulatively contributed more than 77mn shares to the total volume.
Buying was largely driven by value hunters with heavyweights such as LUCK (+6.2 percent), ENGRO (+3.4 percent), HUBC (+2.9 percent), MCB (+1.8 percent), PPL (+2.6 percent), FFC (+2.4 percent) and PSO (+3.0 percent) leading the charts.
Cement sector enjoyed the upward trend where KOHC (+7.0 percent), CHCC (+6.9 percent), PIOC (+7.0 percent), FCCL (+6.7 percent), MLCF (+6.0 percent), DGKC (+5.6 percent) and LUCK (+6.2 percent) were the major movers.
Moving ahead, we expect the market to remain positive in the medium term. However, profit taking cannot be ruled out in the short term.
