Elixir Securities Limited – Pakistan Market Wrap

Karachi, January 03, 2019 (PPI-OT): Closing Bell – Volatility Continues Amidst Dull Participation

Benchmark KSE100 Index remained volatile today amidst dull participation and managed to close at 37,542 level. Oil and Gas Development Company Limited OGDC PA -3.36% and Pakistan Petroleum Limited PPL PA -2.72% were the major laggards contributing 112 point towards the decline while Engro Corporation Limited ENGRO PA +2.02% and United Bank Limited UBL PA +1.43% contributed 57 points.

On the diplomatic front, any breakthrough in US-Pakistan relations is likely to bode well for confidence building measures. There is also a possibility of resumption of Military and Financial aid contingent on its role in Afghan peace talks. Going forward, we expect Investors to continue to hunt for value plays as clarity emerges on IMF program and supplementary budget.