Karachi, January 09, 2019 (PPI-OT): Closing Bell – Post Rally Consolidation
Pakistan equities closed Wednesday in red, down 131 points at 38,923 level amid choppy trading session. Day kicked off positive with Index setting an intra-day high of 39,267 however it nudged its way back in mid-day. Profit taking was witnessed in Cements and Financials while E and P managed to close in green. Pakistan Oil fields POL PA +3.27% continued to attract investors’ interest on the back of rising global commodity price.
Major volumes were once again seen in retail plays i.e. Pak Electron PAEL PA +2.38%, Unity Foods UNITY PA -3.95%, Sui Southern Gas Company SSGC PA +4.06% and TRG Pakistan Limited TRG PA -0.16% the four shares together contributed nearly 54mn shares in the regular market. The corrective move today has allowed the short-term oscillators to unwind from overbought levels which means that the momentum based traders can begin to look for new buying opportunities once again around 38,600/ 500 support levels.