Karachi, December 14, 2017 (PPI-OT): Closing Bell – Back to South, again
Pakistan Equities turned back south with benchmark KSE100 Index plummeting to 38,127 level with noise on politics pretty much to blame for today’s decline. Market opened lower as stocks carried bearish momentum from the word go and all major sectors including Oils, Financials, Cements and Steels remained in red throughout the trading session on extremely dull volumes.
Blue chips to the likes of Hub Power HUBC PA -2.6%, MCB Bank MCB PA -1.6%, Pakistan State Oil PSO -3.3% and Engro Corp ENGRO PA -1.7% traded lower and dented KSE100 Index while DG Khan Cement DGKC PA -5%, International Steels Limited ISL PA -4.9% and Pak Electron PAEL PA -5% were among the main culprits that kept sentiments down as they slid sharply towards their lower limits during the day. With key support lying around 37,500 level, we expect benchmark Index to consolidate and trade in a 800-1000 points in the near-term.