Karachi, February 25, 2021 (PPI-OT): View from the desk
Bulls returned to the PSX where the KSE100 index made an intraday high of +642 points to close the trading session at 45,965 level (up 603 points). The market witnessed buying interest from investors. TELE (14.5%), BYCO (3.5%), UNITY (2.8%), KEL (3.5%) and TRG (6.5%) were the volume leaders for the session collectively contributing 166mn shares to the total volume traded. From the banking sector, UBL (4.1%) declared its CY20 result, where the bank posted an EPS of Rs17.07 and announced a cash dividend of Rs9.50/share. From the Cement sector, MLCF (2.3%) and PIOC (1.3%) declared their half-year results posting earnings of Rs1.48 and Rs2.67 per share respectively. Neither company announced a cash dividend.
Similarly, a number of results were announced in the Textile sector. NCL (-0.8%) and NML (-1.5%) posted unconsolidated earnings of Rs5.64 and Rs5.04 per share for 1HFY21 while GATM (-0.5%) reported consolidated earnings of Rs4.41 per share for the period. Moreover, UNITY (2.8%) from the food sector also declared its 1HFY21 result with an EPS of Rs1.87. Looking ahead, we expect the market to remain bullish and recommend investors to avail any downside as a buying opportunity in Steel, cements and refineries.