Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 09, 2018 (PPI-OT): Closing Bell – Snaps 13-Day Positive Streak
Pakistan equities closed Tuesday lower, snapping 13-day positive run that added over 13.5% and ~5000 points to benchmark KSE100 Index. Market opened positive but failed to carry momentum as uncertain political environment in Baluchistan province gave equities a good enough excuse to take a breather. E and Ps, Financials and Cements sunk in early trading and closed the day lower on profit-booking; Habib Bank HBL PA -2.4%, United Bank UBL PA -2.2%, Pakistan Petroleum PPL PA -1.1% and Oil and Gas Dev OGDC PA -1% denting KSE100 Index the most.
Meanwhile, Fertilizers and Gas utilities again had a field day with former remaining in limelight as investors bet on upcoming fertilizer policy to benefit industry, while latter continued gains on euphoria over approval of 3rd LNG pipeline. Consolidation maybe seen at current levels with Chartist recommending strong support near 42,500 levels.