Market Wrap Lacking interest and clarity... KSE100 Index 29,691|High 29,816|Low 29,665|Change -37|Value USD45mn|Vol 56mn Pakistan equities traded yet another lackluster day and closed marginally negative as market struggled to find direction and investors remained confused and bored. Lack of any immediate trigger and more importantly no progress on political front is keeping locals very cautious despite foreigners buying. Cements traded mixed with DG Khan Cement DGKC PA +2% gaining ahead of earnings announcement mid next week while Lucky Cement LUCK PA -1% pared some of the recent gains on profit taking. As expected, pharmas were volatile after sharp gains in last few sessions with Glaxo SmithKline GLAXO PA -2.75%, Abbot Labs ABOT PA +1.3% and Searle Co SEARL PA -3.8%. We see market to hover and consolidate near 29,500 with major breakthrough likely from political front to push market to test record highs. Reiterate building positions in NML, UBL, MCB, ENGRO, PPL and KEL. Faisal Bilwani fbilwani@elixirsec Market Wrap represents views of Elixir Securities Equity Sales Desk and opinions stated here may not coincide with those of Elixirs Research Department
Posted on: Wed, 10 Sep 2014 11:48:22 +0000
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