Economy

Pakistan Stock Exchange closes on a positive note

Karachi, October 01, 2019: Pakistan equities closed Tuesday on a positive note with benchmark KSE100 Index gaining 175 points, closing at 32,254 levels, up 0.6 percent.

Local bourse remained range bound throughout the session but saw brief positivity in the later hours of the trade. Cements were the major gainer in today’s trade where KOHC (+5 percent), DGKC (+5 percent), CHCC (+5 percent), PIOC (+5.2 percent) closed limit up, whereas LUCK (+2.1 percent) was also a major gainer, as the rumors floated that the prices of cements per bag are likely to increase by Rs20. E&P sector was the major laggards today as POL (-1.4 percent), PPL (-0.3 percent) and OGDC (-0.2 percent) closed in the red as international oil prices further plummeted.

Mixed sentiment was seen in the Fertilizers sector where ENGRO (+0.6 percent) was the major gainer closing in the green zone whereas FFC (-0.6 percent) closed negative. UNITY announced its FY19 results where the company reported an EPS of Rs1.03 with a cash payout of Rs.0.10/share.

Average daily traded value stood at $32 million, up 18 percent and volume stood at 181 million shares, up 9 percent. Furthermore, major contribution to total market volume came from KEL (+6.2 percent), UNITY (+4 percent), FCCL (+7.4 percent), MLCF (+6.5 percent) and BOP.

Moving ahead, we expect market to remain choppy with the selloff expected in the Oil & Gas stocks following the decline in the oil price in the international market. On a positive note the Government seems to be getting closer in regards to revenue collection targets set by the IMF.

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