Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 16, 2018 (PPI-OT): Closing Bell – Resumes gains after a three-day hiatus
Pakistan Equities resumed gains on Tuesday after a three-day hiatus with benchmark KSE100 finishing a stone’s throw away from 43K level, up 592 points or 1.4%. Market opened on a positive note and traded higher during the day as sentiments were boosted not only due to sizeable foreign inflow in the last couple of sessions but positives on domestic political front also helped as chairman PAT announced holding only a one-day protest tomorrow against market expectations of a long sit-in. Major sectors namely Financials, Oils and Steels along with select Cements contributed to days surge primarily on reported buying from local institutions.
Habib Bank HBL PA +3.9% topped the leader board followed by Lucky Cements LUCK PA +3.4% and Oil and Gas Dev Co OGDC PA +2.2% while most dent came from Sui Northern Gas Co SNGP PA -3.7% on profit-taking. Meanwhile, the national flag carrier Pakistan International Airlines PIAA PA +6.9% extended gains for the second day on optimism over its early privatization. We see volatile trading tomorrow with participants closely monitoring the political development and seeking clarification on the next course of action against government as cleric led PAT along with opposition parties’ holds protest.