Elixir Securities Limited – Pakistan Market Wrap

Karachi, July 12, 2018 (PPI-OT): Closing Bell – Ferts lead the recovery!

Pakistan equities managed to close in green after a shallow morning start. Market opened gap down as Index heavy E and Ps took the brunt of selling following the decline in global crude prices as demand concerns rises due to US-China trade war. Benchmark Index dipped as much as -0.9% and stayed in the red till mid-day amid thin volumes.

Later on, Ferts led the recovery on reported local buying with Engro Corp ENGRO PA +2.4%, Fauji Fertilizer FFC PA +3.1% and Engro Fertilizer EFERT PA +3.4% collectively contributing 114 points in today’s rise. Gains are likely to remain in check tomorrow given return of ousted PM Nawaz as arrest warrants have been issued by accountability court on corruption charges against him and his family members.