Karachi, February 01, 2018 (PPI-OT): Closing Bell – Snaps 5-day declines; +206 pts
Pakistan equities resumed its climb and closed Thursday in green with benchmark KSE100 Index settling above 44,250 level, up 0.5% DoD. Market started the day on a positive note and displayed relative strength on the back of sharp recovery in Cements amid strong institutional flow; Lucky Cement LUCK PA +3.2%, DG Khan Cement DGKC PA +3.1% led gains. Financials on the other hand closed mixed; index heavy Habib Bank HBL PA +2.3% closed higher and contributed most positive points while United Bank UBL PA -1.5% continued its losing streak on institutional selling pressure and emerged as the top decliner on KSE100 Index.
CPI inflation reading for January 2018 at 4.42% YoY, despite coming a little lower than consensus, did not have any material impact on stock prices. Major highlight of the day was the material announcement by Dawood Hercules DAWH PA +5% near day’s end where it notified investors of a potential sale of its entire shareholding in Hub Power HUBC PA +1.9% to Mega Conglomerate for PKR106.5/sh subject to regulatory approvals. See volatile trading to continue in days ahead with Chartists flagging an area between 44,800 and 45,000 levels as key barrier.