Engro shines while Oils fall... KSE100 Index 31,224|High - TopicsExpress



          

Engro shines while Oils fall... KSE100 Index 31,224|High 31,318|Low 30,943|Change -93|Value USD84mn|Vol 103mn Pakistan equities traded volatile with benchmark index testing 31k intra-day before recovering sharply to close at 31,224. Volumes remained low in early trade as index heavy oils namely Oil & Gas Dev. Co. OGDC PA -.93%, Pakistan Oil Fields POL PA -.78% and Pakistan Petroleum Ltd. PPL PA -.61% dented sentiments tracking falling international oil prices while financials lost grounds on reported institutional selling with MCB Bank MCB PA –1.95% and United Bank Ltd. UBL PA -2.26%. On the contrary, Engro Corp ENGRO PA +4.39% regained limelight and led the recovery hitting upper price limit intra-day as investors betted on concessionary gas supply to its subsidy along with rumored Secondary Public Offering (SPO) helping the overall momentum. We expect index to trade choppy in between 31-32k during the futures rollover week and ahead of large political gathering by PTI over the weekend. Harris Ahmed Batla habatla@elixirsec
Posted on: Wed, 26 Nov 2014 09:23:07 +0000

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