Karachi, November 20, 2019: In line with our expectations, profit booking was witnessed at the local bourse as the KSE-100 index largely remained in the red trajectory. The index made an intraday high of +97 points and intraday low of -587 points to close at 38,037 level, down 527 points.
Major laggards of the index were ENGRO (-2.1 percent), OGDC (-1.8 percent) and UBL (-2.0 percent). Top volume leaders of the bourse were WTL, BOP and PAEL cumulatively contributing 60 million shares to the total volume.
On the news front, Government approved the country’s first-ever national tariff policy aimed at removing anomalies in import duties structure and use it as an instrument to catalyse industrial production and for export growth.
E&P sector closed in the red zone as crude oil prices edged lower in international market, where POL (-2.3 percent), OGDC (-1.8 percent) and PPL (-1.4 percent) were the major loser of the mentioned sector.
Profit booking was also witnessed in the banking and cement sectors, where HBL (-2.8 percent), NBP (-3.5 percent), MCB (-1.9 percent), UBL (-2.0 percent), FCCL (-4.1 percent), MLCF (-3.4 percent), DGKC (-2.1 percent) and LUCK (-1.7 percent) were the major losers. Moving forward, we expect market to remain positive however we recommend investors to book profit on strength.