Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 04, 2018 (PPI-OT): Closing Bell – Key Sectors Lead Gains!
Pakistan equities surged again Thursday on institutional buying in key sectors that led to Benchmark KSE100 Index settling higher over 41,900 mark. Market opened positive as Oils led early gains following overnight rise in global crude after US reported larger than expected drop in stock piles. KSE100 Index later steadily increased with Financials jumping in to support the momentum; United Bank Limited UBL PA +4.3% and Habib Bank Limited HBL PA +2.1% led gains on reported foreign interest.
Cements too afterwards supported the rising thrust on value buying with Fauji Cement FCCL PA +3%, Maple Leaf Cement MLCF PA +3% and Lucky Cement LUCK PA +2.8% seeing most interest and leading gains. Meanwhile, K-Electric KEL PA +3% remained the volumes leader on expectations of a favourable resolution of tariff overhang. We expect near-term consolidation as the benchmark KSE100 Index has approached 42K psychological barrier.