Karachi, February 19, 2021: The KSE100 started the day strong, rising to touch a high of +235 points from where the index slid to a low of -6 points as a result of profit-taking. The market closed the volatile session at 46,227 level with the benchmark index having inched up 85 points.
BYCO (9.6 percent), WTL (6.0 percent), HUMNL (8.6 percent), BOP (4.8 percent), TRG (7.1 percent) and TELE (-0.2 percent) were major contributors to total traded volume which was recorded at 695mn shares. In the Cement sector, DGKC (0.9 percent) reported a consolidated EPS of Rs2.31 for 1HFY21 while FCCL (-3.0 percent) reported an EPS of Rs1.16. Neither company announced a cash payout.
The latter also announced through a notice that the company’s board had approved the setting up of a Greenfield Cement Manufacturing Plant of 2.05mn tons per annum. In the Financials, BOP (4.8 percent) reported a consolidated EPS of Rs2.58 for CY20 along with a cash dividend of Rs1/share.
Moving forward, the market is expected to remain volatile and any dips while the market consolidates should be seen as an opportunity to accumulate stocks.