Market Wrap Deadlock continues... KSE100 Index 28,245|High 28,609|Low 28,215|Change -274|Value USD38mn|Vol 50mn Pakistan equities traded yet another uneventful day with dismal volumes, a relative improvement nevertheless to those of last two days, as political deadlock continues. Investors are understandably confused and very concerned over ongoing sit-in as many had hoped for an early resolution however no party involved seems ready to budge. Fear of military or judicial intervention in absence of consensus between political parties and threat of unrest is keeping investors at bay. Despite all the drama, market was selectively sensitive to fundamentals as Fauji Fertilizer FFC PA +1.8% closed positive and generated volumes (USD3.3mn turnover) on courts decision calling Gas Infrastructure Development Cess unconstitutional (FFBL, FFC, EFERT to benefit while FATIMA loses out). Moreover, Lucky Cement LUCK PA -4.8% continued to remain out of favor, nearly hit lower lock and has now lost more than 8.5% in last three days as company is the largest Pakistan cement exporter to South Africa that is initiating an anti-dumping probe. With 48 hour deadline by cleric leading PAT demanding Prime Minsters resignation expiring midnight, investors will track developments in Islamabad and hope for a peaceful resolution to the ongoing crisis. Courtesy: Elixir Securities.
Posted on: Tue, 26 Aug 2014 18:03:23 +0000
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