Elixir Securities Limited – Pakistan Market Wrap

Karachi, August 09, 2018 (PPI-OT): Closing Bell – Cements built the momentum!!!

Pakistan equities closed Thursday in green with benchmark KSE100 Index settling above 42,900 mark. Sideways activity was witnessed throughout the day as the market consolidated in a narrow range, however late buying in select blue chips pushed the Index higher. Cements regained momentum with Lucky Cement LUCK PA +2.58%, DG Khan Cement DGKC PA +2.95% while Maple Leaf Cement MLCF PA +4.99% and Attock Cement ACPL PA +5% traded at their upper price limits. Sui Northern Gas Pipeline SNGP PA +3.95% remain upbeat in the OMC space. Pak Elektron PAEL PA +2.63%, Lotte Chemical Pakistan LOTCHEM PA +0.64% and Bank of Punjab BOP PA +0.69% led the volume charts as they collectively traded over 30mn shares.

On the result front, Allied Bank Limited ABL PA +1.46% announced its financial result for the 2Q CY18 at PKR2.97/share along with cash dividend of PKR2, which remained in-line with street expectations. Expect Volatility to remain high as Index heads towards 43,000/100 resistance zone.