Elixir Securities Limited – Pakistan Market Wrap

Karachi, July 11, 2018 (PPI-OT): Closing Bell – Closes a little higher!

Benchmark KSE100 Index closed 133 points plus after briefly testing 40k level however due to relatively thin volumes, market failed to sustain the intraday high of 40,061 level. Major activity was witnessed in Cements and select Financials while the interest in remaining key sectors from local institutions was limited likely due to sharp sell-off by Foreigners yesterday.

The Top Ten volumes chart was mostly dominated by retail names. Highlight of the day was Engro Corp ENGRO PA +3.38% that closed higher after the company announced improvement in its Long Term credit rating from AA (Double A) to AA+ (Double A Plus) by the local rating agency. We expect consolidation near 40K levels with investors likely continuing to take a cautious stance until the political and electoral noise settles down.