PSX sustains bullish momentum, gains 292 points

The KSE-100 Index closed Wednesday at 36,796 levels, gaining 292 points or 0.8 percent. The local bourse traded and remained positive making a high of +440 points.

The positivity came as Banks rallied on the back of decent results reported by Bank Alflah Limited (BAHL) (+2.5%), Meezan ABank Limited (MEBL) (+1.4%), Allied ABnk Limited (ABL) (+0.8%) and Faysal Bank Limited (FABL) (+4.9%) while Habib ABnk Limited (HBL) (+3.8%) and United Bank Limited (UBL) (+3.2%) remained major gainers in the sector.

Lucky Cement (+0.9%) was the major gainer in the Cement sector where Maple Leaf Cement (MLCF) (+2.6%) and Chitral Cement Compnay Limited (CHCC) (-0.3%) announced their third quarter FY19 results.

In the Auto sector, Millat Tractors Limited (MTL) (-0.8%) reported third quarter FY19 consolidated EPS of Rs18.96 against Rs32.82 (SPLY) with no cash payout.

Mixed sentiment was witnessed in the Exploration and Production (E&P) sector where Pakistan Petroleum Limited (PPL) (-0.5%) and Pakistan Oil Fields (POL) (-0.7%) bled and Ouil Gas Development Company (OGDC) (+0.4%) closed green.

Packages Limited (+2.0%) closed in the green as the company announced first quarter 2019 EPS of Rs7.50 against Rs1.93 (SPLY). During the session, traded value and volumes both declined 8 percent day-on-day (DoD) to $30 million and 107 million shares.

HBL (+3.8%), ENGRO (+2.0%), UBL (+3.2%), BAHL (+2.5%), DAWH (+3.3%) and OGDC (+0.4%) were top scrip that cumulatively contributed +224 points to the positive closing.

Furthermore, major contribution to total market volume came from Bank of Punjab (BOP) (+4.5%), Wateen Telelcom Limited (WTL) (-1.9%), Lotte Chemicals (+3.2%), Pak Elektron (PAEL) (+2.5%) and FABL (+4.9%).

Danish Ladhani, an equity analyst, expects the market to remain volatile ahead and recommend investors to stay cautious in the short run ahead of International Monetary Fund (IMF) meeting.

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