Karachi, September 01, 2020: Bulls dominated the KSE100 index, where the index touched a high of +255 points. However later in the day, the market declined to close at 41,111 level (+55 points).
Volumes for the day accumulated to 452 million as BIPL (10.5 percent), TRG (-7.2 percent), PRL (7.5 percent), HASCOL (2.0 percent) and FCCL (0.9 percent) led the charts with 127 million shares changing hands.
Moreover from the steel sector, ISL (2.2 percent) and ASL (2.4 percent) further increased CRC and HDGC prices by Rs2,000/ton effective from Sep 1st, 2020. This is the third increase so far into 1QFY21, cumulatively amounting to Rs8,000/ton.
Cement sector gained to close higher than their previous day close where DGKC (2.5 percent), KOHC (1.4 percent), LUCK (1.5 percent), FCCL (0.9 percent) and MLCF (0.6 percent) were the major movers of the mentioned sector.
Pressure was witnessed in the banking space where HBL (-0.6 percent), UBL (-1.5 percent), MCB (-0.4 percent) and JSBL (-1.8 percent) closed in the negative zone. Going forward, we expect the equity market to remain sideways in absence of any immediate triggers. Recommendation for investors is to sell on strength.