Karachi, October 22, 2020: Today, the benchmark KSE-100 index lost 337 points after making a high and low of +282 & -448 points to finally close at 41,199 levels. Market remained bearish with low volumes as compared to the previous day amid result season.
Moreover, political uncertainty still prevails. Investors should keep an eye on the FATF meeting as well. HUBC (-4.0 percent), OGDC (-2.7 percent), PPL (-2.5 percent), HBL (-0.4 percent), POL (-1.9 percent), MCB (-1.0 percent) and BAFL (-3.4 percent) contributed to the negative close.
FABL (-2.3 percent) in the financials reported its consolidated 9MCY20 EPS of Rs3.64 vs. EPS of Rs2.90 (SPLY) with no cash payout. AKBL (3.2 percent) in the financials reported its consolidated 9MCY20 EPS of Rs6.50 vs. EPS of Rs3.48 (SPLY) with no pay-out.
Moreover, HASCOL (-5.9 percent) closed near limit down as the company is challenging the Order passed by the Oil and Gas Regulatory Authority (OGRA). Traded value was higher at $107 million, down 21 percent and volume stood at 500 million shares, down 24 percent.
Furthermore, major contribution to total market volume came from UNITY (3.7 percent), PIBTL (-6.3 percent), MLCF (3.5 percent), HASCOL (-5.9 percent) and TRG (-2.0 percent). Going forward, we expect market to remain under pressure amid result season, and recommend investors to sell on strength.
