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.

Share

Recent Posts

Russia says US missile test ‘escalation of military tensions’

Moscow on Tuesday said the United States was ramping up military tensions by testing a medium-range cruise missile weeks after tearing up…

1 hour ago

Shop assistant spared prison despite splashing out £100,000 from her family-run cocaine racket

A shop worker who used £100,000 from her family's cocaine racket to fund holidays abroad, sports cars and home improvements…

1 hour ago

India involved in ethnic cleansing of Kashmiris: Khawaja Saad Rafique

A Lahore Accountability Court resumed hearing on Paragon Housing scandal case against Khawaja Salman and Khawaja Saad Rafique on Tuesday…

2 hours ago

WhatsApp in talks to launch mobile payments in Indonesia

JAKARTA: Facebook messaging service WhatsApp is in talks with multiple Indonesian digital payment firms to offer their mobile transaction services,…

2 hours ago

Indian authorities make more arrests in occupied Kashmir to deter protests

Indian security forces detained 30 people overnight in Srinagar, local officials said on Tuesday, seeking to keep a tight lid…

3 hours ago

130 Haj flights taking off from Madinah airport daily

ISLAMABAD: Some 130 Haj flights are taking off daily from Prince Muhammad Bin Abdul Aziz International Airport in Madinah carrying…

3 hours ago