Karachi, August 09, 2017 (PPI-OT): Closing Bell – Politics continue to dominate
Pakistan Equities closed Wednesday little changed after recovering from morning declines which had pulled benchmark KSE100 Index lower near 45,600 level intra-day. Market started on a weaker note and notable bluechips across Oils, Financials and Cements along with select Index names were dragged down by mid-day on selling amid dearth of serious buyers on screen.
Political noise remained a dampener as former PM Nawaz kicked off his defiant March, that will continue for more than two days, from Capital Islamabad to his home town Lahore. Although wider market activity was lower as evident from under 215mn shs exchanging hands on KSE All Index, however volumes and turnover on benchmark KSE100 Index jumped 21% and 77% respectively vs yesterday as local institutions reportedly cherry-picked notable names in the second half of trading and aided in market recovery.
Meanwhile, Maple Leaf Cements MLCF PA – 3.9% traded lower and churned most volumes since early July on market chatter of possible right issue that dented sentiments. Despite today’s pull back we expect market to remain under pressure and trade in a narrow range despite earnings related excitement as politics is expected to keep a check on any bounce back for remainder of this week.