Elixir Securities Limited – Pakistan Market Wrap

Karachi, December 20, 2017 (PPI-OT): Closing Bell – Financials lead gains

Pakistan equities closed Wednesday positive with benchmark KSE100 Index finishing over 38,200 level, up 0.8%. Market opened gap up as investors cheered overnight successful passing of Delimitation bill that put worries over timely elections at rest. Moreover, unprecedented briefing by the top brass of Army in the Senate over National Security matters along with their endorsement of continuity of democratic process further boosted sentiments.

Financial led gains with index heavy Habib Bank HBL PA +5% and United Bank UBL PA +4.6% contributing most today’s gains on reported foreign buying. On the flip side, DG Khan Cement DGKC PA -4% dented Index the most as it remained on sellers radar and traded at its lowest level since May 2015. Elixir Securities Limited sees KSE100 Index consolidating between 38,000 – 39,000 range in the remaining days of this month, while institutional flows primarily from foreigners post-holiday season will be crucial for the market to breakout to the upside.

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