Pakistan Market Wrap; 19k near yet so far – Elixir Research
By: Harris Ahmed Batla,
Elixir Securities Pakistan (Pvt.) Ltd.
Pakistan equities continued to make new highs, inches away from 19,000 levels however closed with trimmed gains. Hopes of breaching the landmark were turned down by later selling in Engro Corp ENGRO PA -0.7% as markets punters see most positives already priced in. Cements that started the day on an exciting mode also came under the firing line, closing red with the likes of Luck Cement LUCK PA -.3%, DG Khan Cement DGKC PA -.8% and Maple Leaf Cement MLCF PA -2.2%. Financials continued to hold grounds and generate institutional interest while small cap retail plays churned volumes trading sideways. Most of the second and third tier plays hit upper circuit recording exceptional quarterly earnings.
We expect trading interest to shift towards financials with expectations of interest rate helping the index towards 19,300 levels however political developments and law and order situation over the weekend will set the tone for a fresh week.