Karachi, January 15, 2018 (PPI-OT): Closing Bell – Continues to correct lower; -560 pts
Pakistan equities continued to correct with benchmark KSE100 Index finishing below 42,500 level on first day of the new week, down ~1.4% or ~586 pts. Trading activity diminished as investors opted to stay on the sidelines ahead of scheduled protest by a united opposition led by religious party cleric Tahir ul Qadri. Financials were in pressure since the opening bell as profit-taking by institutional investors continued in index heavy United Bank UBL PA -2.3% and Habib Bank HBL PA -2.2%. Later, Oils and Fertilizers also joined the club with Fauji Fertilizers FFC PA -3.3%, Pakistan Oilfields POL PA -3.1% and Pakistan State Oil PSO PA -3.2% denting KSE100 index the most.
However, Lucky Cements LUCK PA +0.2% and Engro Corp ENGRO PA +0.7% remained in green most of the day with reported foreign buying doing the rounds. While majority of the stocks closed in negative territory, the national carrier and retails’ favourite stock, Pakistan International Airlines PIAA +23%, closed at its upper circuit after State Minister hinted at its privatization before present government complete its tenure. We advise investors to take advantage of current weakness and build position in value plays with HBL, UBL, BAFL, NML and ISL as our top picks.