Elixir Securities Limited – Pakistan Market Wrap

Karachi, June 20, 2018 (PPI-OT): Closing Bell – Sustains 43k Despite Renewed Selling Pressure

KSE100 closed down 1.6% with the benchmark Index settling at 43,003. Market opened little positive and drifted lower as the session progressed, however the last hours saw a bloodbath as notable sectors were hammered on reported institutional selling. Financials took the lead in declines as the sector fell 2.7% during the day, with HBL PA -3.5% alone contributing 96 points to the Benchmark Index fall. Investors continued to remain worried about persistent selling by foreign institutions, upcoming FATF decision on Pakistan, uncertainty over macro-economics and lack of near term positive triggers.

We see equities remaining weak in the near-term with Chartists now eyeing 42,300/200 as important support levels.

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