Economy

Pakistan Stock closes lower

Karachi, September 20, 2019: The KSE-100 index movements on the last trading day of the week were similar to a seesaw, where the local bourse juggled between green and red, making an intraday high of +148 points and a low of -129 points to close at 32,111 levels (down 73 points).

Total volume was recorded at 153 million shares, up 12 percent from yesterday. MLCF (-5.9 percent) led the volume with almost 18 million shares changing hands as the company announced its FY19 result, where the company posted an EPS of Rs4.14 and a cash payout of Rs0.50 per share.

Furthermore, the company also announced 85 percent right share at a price of Rs12 per share. MUGHAL (-4.0 percent) from the steel sector declared its FY19 result posting an EPS of Rs5.46 and cash dividend of Rs1.20 per share.

Selling pressure was witnessed in the cement sector as investors opted to book profit where DGKC (-3.1 percent), PIOC (-4.8 percent), MLCF (-5.9 percent) and LUCK (-1.8 percent) were the major losers of the sector.

Moving forward we expect market to likely play above 32,000 level, where we recommend investors to buy on dips.

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