Karachi, February 13, 2018 (PPI-OT): Closing Bell – Positive Close inline with Region!
Pakistan equities closed Tuesday positive inline with the rebound in global and regional markets. Start to the trading day was on a dull note with stocks trading sideways in the early hours, however buying interest from institutions crept up in select sectors as the day progressed. Financials led gains with Habib Bank HBL PA +3.4% and United Bank UBL PA +2.3% coming under limelight after Supreme Court’s judgment on an increase in minimum pension payable to banking employees (we understand that this pertains to Ex (pre-privatization) employees of HBL, UBL and ABL and will only be applicable to future pension payments with no retrospective impact – this comes as a huge relief when compared to earlier market fears of retrospective application).
After Financials, other sectors including Oils and Ferts also inched up and helped Index to rise as much as 0.8% on the day, however Cements stalled the momentum in late hours with Lucky Cements LUCK PA -1.1% and DG Khan DGKC PA -2% declining on profit-taking. Meanwhile, in its quarterly review overnight, MSCI announced no change for Pakistan constituents that was largely anticipated by the market. With KSE100 Index finding support around 43,500 levels, chartists now expect Index to recover more ground and test nearby resistance around 44K in the coming sessions.