Finance

PSX index closed at negative note

Karachi, September 16, 2020: The PSX benchmark index blew both hot and cold today, making an intra-day high of +198 points and stopping to a low of -254 points, to finally close at 42,282 levels (-64 points).

Volumes decreased by 26 percent DoD to 490 million shares, compared to 663 million shares in the previous trading session. KEL (-1.2 percent), HASCOL (-1.5 percent) and DCL (5.4 percent) led the volumes with a cumulative 136 million shares changing hands throughout the day. MTL (1.7 percent) from the Auto sector declared its FY20 result, where the company posted an EPS of Rs39.42 with no cash payout.

Investor’s interest was witnessed in the cement sector where DCL (5.4 percent), POWER (2.2 percent), CHCC (0.9 percent), DGKC (0.8 percent) and LUCK (1.0 percent) were the major gainers of the mentioned sector. Selling pressure was witnessed in the banking and OMC’s sector where ABL (-1.1 percent), UBL (-1.1 percent), HBL (-1.3 percent), MEBL (-1.2 percent), PSO (-1.3 percent), SHEL (-2.8 percent) and HASCOL (-1.5 percent) were the major losers.

According to the report, the market will continue a similar trend and recommend investors to see any upside as an opportunity to sell. However, recommending viewing any downside in the market as an opportunity to buy in the Cement, Steel, Consumer and Banking sectors.

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