Elixir Securities Limited – Pakistan Market Wrap

Karachi, June 21, 2018 (PPI-OT): Closing Bell – Moody’s Downgrade Triggers Another Slide

KSE100 closed down 635 points with the benchmark index settling below 42,400 level. Market opened negative and continued its slide throughout the day, marking an intra-day low of -706 points. The pressure continued from previous session where investors remained wary of foreign selling and continued deterioration in macro-economic outlook, while Moody’s report (released after market hours yesterday) added to concerns as the Rating Agency downgraded Pakistan’s outlook from Stable to Negative.

All major sectors came under pressure with HBL PA -3.14%, UBL PA -3.16%, POL PA -1.38%, PPL PA -1.77%, LUCK PA -1.23% and PSO PA -2.03% being the most notable laggards. Expect market to remain dull with any positive development regarding the Amnesty Scheme being the only near term trigger in sight.

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Elixir Securities Limited – Pakistan Market Wrap

Karachi, June 21, 2018 (PPI-OT): Closing Bell – Moody’s Downgrade Triggers Another Slide

KSE100 closed down 635 points with the benchmark index settling below 42,400 level. Market opened negative and continued its slide throughout the day, marking an intra-day low of -706 points. The pressure continued from previous session where investors remained wary of foreign selling and continued deterioration in macro-economic outlook, while Moody’s report (released after market hours yesterday) added to concerns as the Rating Agency downgraded Pakistan’s outlook from Stable to Negative.

All major sectors came under pressure with HBL PA -3.14%, UBL PA -3.16%, POL PA -1.38%, PPL PA -1.77%, LUCK PA -1.23% and PSO PA -2.03% being the most notable laggards. Expect market to remain dull with any positive development regarding the Amnesty Scheme being the only near term trigger in sight.

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