Elixir Securities Limited – Pakistan Market Wrap
Karachi, January 03, 2018 (PPI-OT): Closing Bell – Breather!
Pakistan equities took a breather after recent surge and closed Wednesday marginally positive over 41,500 level. Trading activity remained steady at a healthy level with ~149mn shares changing hands on benchmark KSE100 Index. On leaderboard, E and Ps namely Oil and Gas Dev OGDC PA +1.5%, Pakistan Petroleum PPL PA +1.4% and Pakistan Oilfileds POL +1.4% contributed most to gains on reported local interest, while Financials and Cements witnessed mild profit-taking and notable names closed either with trimmed gains or a little in red.
K-Electric KEL PA +4% was in limelight and dominated volumes board on rumours that its issues related to multi-year tariff and deal with Shanghai Electric will be resolved in the coming week. On Corporate front, the board of Sazgar Engineering Works SAZEQ PA +0.8% notified exchange of giving a green signal to its Four-Wheeler Assembly project with an estimated cost of USD16mn. Elixir Securities Limited expects KSE100 index to consolidate gains above 41K and trade in a range of 500-700 points range.