Local bourse juggles between green, red

LAHORE  -  The KSE-100 movements were reflective of a seesaw, where the local bourse juggled between green and red, making an intraday low of -137 points, and an intraday high of +119 points to close at 41,320 levels (up 82 points).

Buying was witnessed towards the close as investors took the opportunity to accumulate stocks on attractive valuations and after Islamabad High Court suspended the sentences handed to Nawaz Sharif, his daughter Maryam Nawaz and son-in-law Mohammad Safdar in the Avenfield corruption reference.

Volumes remained subdued as 159mn shares changed hands during the day. KEL (+0.19 percent) from Cements led volumes with more than 30mn shares traded. Banking space blew hot and cold in today's trading session, where big players such as HBL (+0.83 percent), UBL (+0.03 percent) and BAHL (+0.40 percent) closed in green zone while MCB (-0.39 percent) and NBP (-0.86 percent) closed in the red zone.

DGKC (+1.63 percent) from the cement sector declared its FY18 result, where the company posted an EPS of Rs20.25 and a cash payout of Rs4.25/share. Investor's interest was witnessed in the auto sector after the finance minister Asad Umar, presenting Finance Supplementary (Amendment) Bill 2018, proposed withdrawal of restriction on non-filers to buy cars and properties, slapped by the previous government. Major movers in the auto sector were PSMC (+5 percent), HCAR (+5 percent) and INDU (+0.01 percent). Moving forward it is expected market to remain positive for the coming session where we recommend investors to buy valued stocks on dip.

 

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