Market Wrap Lower turnover ahead of MPS KSE100 Index 34,026|High 34,149|Low 33,978|Change -120|Value USD105mn|Vol 138mn KSE100 index traded lackluster as Monetary policy statement that is due tomorrow kept institutional investors on the sidelines. Overall low volumes dominated the charts with select interest in Engro Corp. ENGRO PA +3.10%and Pakistan State Oil PSO PA +.21% as former continue to trade near its upper lock on reported foreigners buying while PSO PA continued to hold levels as govt announced to ensure PKR40bn payment on immediate basis to ease energy sector debt. On the contrary, cements traded mixed with rumors of PKR25-40 per 50/bag reduction in prices kept interest on the lower side. Retail plays Jehangir Siddiqui Co. JSCL PA -.61% and TRG Pakistan TRG PA +2.08% continued to dominate volumes on a rather dull day. Next week starts the roll over week of futures counter which will likely put pressure however any cut in policy rate higher than 50 bps will mitigate any selling pressures. Sibtain Mustafa smustafa@elixirsec
Posted on: Sun, 25 Jan 2015 10:45:03 +0000
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