PSX index ends positive amid range-bound trading

Author: Staff Report

KARACHI: PSX closed last day of the week positive after range-bound trading as the index made an intraday low and high of -233 points & +223 points, respectively.

Market kicked off negative in the initial hours of the session but later traded sideways to close 175 points positive. On the economic front, Forex reserves increased by $1.35 billion on official inflows, Moreover Pakistan and Iran may start parleys on IP gas project next month.

Key sectors including Exploration an Productions (E&Ps) and Financials drove the market whereas Cements showed some respite at the bottom.

In Cements, Lucky Cement losing 0.86 percent DG Khan Cement losing 0.45 percent and Fauji Cement Company Limited (FCCL) losing 0.28 percent closed in the red.

On the flip side, MCB with 1.40 percent gains, United Bank Limited (UBL) with 0.04 percent gains and Bank Alflah Limited (BAHL) with 0.10 percent gains closed in the positive zone.

Friday’s major heavyweights namely, OGDC (+0.66%), ENGRO (+2.17%), MCB (+1.40%), UBL (+0.04%) and FFC (+2.93%) cumulatively contributed +125 points.

Traded volumes plummeted by 29 percent day-on-day (DoD) to 203 million shares while value traded decreased to $ 75 million. Top volume stocks were Engro Polymer Chemical (EPCL0, UNITY Foods, TRG, Pak Elektron (PAEL) and PIBTL.

Engro Foods gaining 2.57 percent, closed in the green zone as it announced first half 2018 EPS of Rs0.67 with no DPS.

An equity analyst Maaz Mulla expects the market to remain sideway until any further breakthrough on the political front. He expects flows from local and foreign institutions directing the market and recommend investors to accumulate valued stocks on dips.

Published in Daily Times, August 4th 2018.

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