Pakistan equities manage a positive close – Elixir Research
By: Faisal Bilwani,
Elixir Securities Pakistan (Pvt.) Ltd.
Pakistan equities managed a positive close after a volatile session with buying reportedly from foreign institutions near close pushing benchmark KSE100 index in green. Earnings announcements by Attock group companies were mixed and investors were largely cautious however morning news of IMF negotiations over possible 100bps increase in policy rate kept financials in limelight; index heavy MCB Bank MCB PA gained 2.2% while UBL Bank UBL PA +2.4% also closed up. Engro Corp ENGRO PA -3% that has recently been the darling of jobbers traded volatile but selling in second half of the session wiped all the gains and pulled stock deep in red.
We see market to continue to trade volatile with financials and cements attracting most attention on earnings related excitement while any positive news flow from recent Pak-India border related tension will be positive for sentiment.