Karachi, October 11, 2018 (PPI-OT): Closing Bell – Tracking Regional Indices!!
Inline with our initial view, KSE100 Index traded under pressure for the day while tracking losses in regional markets. K-Electric Limited KEL PA +5.14% led the volume charts today after media reports that Government of Pakistan is likely to issue NOC to Shangai Electric Power (SEP) for the purchase of 66.40% stake of power company from M/s Abraaj ahead of PM Khan’s visit to China in Mid-November.
Lucky Cement Limited LUCK PA -4.52% closed on renewed selling pressure with 450k shares changing hands as estimates suggest that the company (along with United Bank Limited UBL PA -1.52%) may be excluded from MSCI EM Index in its next Semi Annual review on November 13th. Our chartist eyes immediate support around 37,500- 37,700 levels, however any break below this area would unfold further downside till 34,600-35,500 level.