Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 17, 2018 (PPI-OT): Closing Bell – Mid-day buying pushes KSE100 Index up!
Pakistan Equities closed Wednesday higher as institutional buying mid-day in index names across key sectors helped benchmark KSE100 Index to close above 43,300 level. Market started on a lackluster note as most participants seemed occupied by news flow on domestic politics as joint opposition parties planned a anti-govt protest in Lahore on Model Town incident. Among key sectors, notable index names across Cements, Financials and OMCs contributed to day’s gains, while Textiles were also in limelight today on positive morning news that PM will announce a exports package soon.
Steels and select IPPs also ended the day in green with former on better earnings expectation while latter on reported foreign buying interest. Seeing investors to also closely monitor developments on political front overnight and if the opposition parties manage to stir strong street power we may see some profit-taking in the coming sessions.