KSE100 index draw cements in the spotlight – Elixir Research
KSE-100 index draw cements in the spotlight – Elixir Research
By: Fareesa Baig,
Elixir Securities Pakistan (Pvt.) Ltd.
Market inched up further, highlight being an encore performance by cements that are bouncing back in style after hints that marketing arrangement is intact. Lucky Cement LUCK PA +5%, Maple Leaf MLCF PA +5%, Cherat Cement CHCC PA +5%, Kohat Cement KOHC PA +5% hit upper price circuits during the day along with DGKC +4.4% on the news of cement price increase by PKR5/50kg bag in the Southern region of the country. Moody’s positive comments on economy post recent IMF loan and ADB/IDB loan commitments helped confidence. Dollar linked IPPs remained active, with market participants seen switching from HUB Power Company HUBC PA -0.6% to Kot Addu Power KAPCO +3.1% after the former has considerably rallied. Engro Foods EFOODS PA +5% hit yet another upper lock, gaining over 21% in the last four trading days and making up for the earlier bashings. Financials did see profit taking as investors factor in status quo in coming Monetary Policy on Friday.
We see KSE100 index to hover around 23k with cements, textiles and telcos continuing to lead volumes while activity in broader market and in index names will likely remain dull till close of this week.