Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 02, 2018 (PPI-OT): Closing Bell – Positive Streak Continues for 9th Straight Session!
Pakistan equities stretched the winning streak to ninth straight trading session on Tuesday with benchmark KSE100 index finishing up 1.8% on healthy local activity as volumes of near 140mn shares exchanged hands. Market witnessed dull trading in initial hours as investors initially seemed perturbed by escalated diplomatic tension between US and Pakistan post negative remarks on aid given to Pakistan from US President.
However, as the day progressed, active buying from local institutional investors across major sectors changed the moods. E and Ps and Financials led the rally, while Cements too contributed to positive points on KSE100 Index. On corporate front, Pakistan Petroleum PPL PA +3.3% notified exchange of receiving approval from Government to continue production under Sui mining lease for further period of six months effective 1st Dec 2017. Expect KSE100 index to test 41,800/42,000 where we see a breather.