Karachi, December 28, 2017 (PPI-OT): Closing Bell – Cements and Banks help Index stay positive!
Pakistan equities carried momentum and closed sixth consecutive session positive with benchmark KSE100 Index closing above 40,350 levels. Market exhibited a choppy behaviour until mid-day with KSE100 Index succumbing to mild intra-day profit taking. Later on, institutional buying in bluechips across Financials and Cements pushed the Index higher. Cement stocks continued their upward progression with bluechips Lucky Cements LUCK PA +3.5%, DG Khan Cements DGKC PA +2.8% contributing positive points to KSE100 Index, while small caps Pioneer Cements PIOC PA +5%, Cherat Cement CHCC PA +4.4% and Dewan Cement DCL PA +6.3% also had a field day and settled at or near their upper price limits.
Meanwhile, the management of Engro Polymer EPCL PA -3.3%, in a material notification, approved CAPEX of about PKR10.3bn for addition of new PVC plant and VCM Plant debottlnecking – the announcement of a higher percentage of CAPEX through Right Shares issuance (52%) dented investors’ sentiments and dragged down the stock to its lower price limit. We expect market to trade volatile tomorrow with likely window dressing in illquids as we head into year-end.