Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 08, 2018 (PPI-OT): Closing Bell – 13-Day Positive Streak on KSE100 Index
Pakistan equities continued its winning streak after it recorded another strong run Monday where benchmark KSE100 Index crossed the 43K mark, up 1.4% DoD. Market opened on a strong note and built on gains as the day progressed aided by strong institutional flows. Initial gains were led by listed gas utilities, Sui Northern Gas Co SNGP PA +5% and Sui Southern Gas Co SSGC PA +5%, as investors cheered news of third LNG pipeline approval by the government.
Cresent Steel CSAP PA +5% that enjoys monopoly in making steel pipes used for gas and oil transmission also rallied on the aforementioned development. Fertilizers came under limelight on expected new fertilizer policy that will benefit industry; Fauji Fertilizers FFC PA +5% and Fauji Fertilizer Bin Qasim FFBL PA +5% closed limit up. Financials closed higher with index heavy Habib Bank HBL PA +3.3% and United Bank UBL PA +2.2% leading gains on heavy buying interest. Cements however witnessed profit-taking with Fauji Cement FCCL PA -2.2% landing itself among major laggards. Seeing stock-wise consolidation at current levels, however compelling valuations and fresh liquidity is expected to support bullish momentum in the near future.