Pakistan equities cruise to the magical 19,444 level – Elixir and MMSPL Research
By: Fareesa Baig,
Elixir Securities Pakistan (Pvt.) Ltd.
Pakistan equities cruised to the magical 19,444 level during the day, flirting with new highs before swinging down and closing on reported state funds selling. Day kicked off on a positive note with cautiously optimistic investors taking chances in Pakistan Petroleum PPL PA +2.37% that added to Friday’s gains on discovery news and peaked at day limit of 5%. Reportedly, state funds took that to their advantage and sold, with stock still managing decent gains by close. Healthy volumes were witnessed in index heavy OGDC PA -.14% while Engro Corp’s ENGRO PA +1.12% volatility kept jobbers busy.
With elections nearing, expect stocks to trade on newsflow with politics to remain in focus. We see volumes to remain thin in broader market barring Unilever buyback flows.
By: Sania Zulfiqar,
M. M. Securities (Pvt.) Limited
Market change its trend after opening with positive note and continuing it for most of the period. The graph took a backward turn after making a high of 19444.68 points and closed at 19256.70 points which was +30.07 points from its opening. The participation in market was moderate with total volume of 99.48 million with volume leader being FCCL. Highest boost in prices were noticed in NESTLE, COLG, SIEM and highest price fall was seen in BATA, Wyeth, ILTM. Market is expected to take technical correction as sell on strength strategy would be useful. Intraday activity in current circumstances seem to be a wise decision.