Karachi, June 28, 2018 (PPI-OT): Closing Bell – Optimism on Amnesty Scheme Keeps Momentum Alive
Pakistan equities closed Thursday in green with benchmark KSE100 index settling near 42,000 level. Index traded in a narrow range in early hours as investors likely took cues from lower regional markets on global trade worries; however a mid-day rally in cements, LUCK PA +4.59%, DGKC PA +1.67% and MLCF PA +4.92% pushed the Index higher. POL PA +1.62% also closed higher on internal oil price recovery while HASCOL PA +3.81% garnered investors’ interest due to the upward revision in OMC margins (already incorporated in Model Assumptions).
Pakistan’s official inclusion in the FATF Grey List will likely remain a non-event, while unconfirmed news flow on the ongoing Tax Amnesty Scheme continues to hint towards its vital success. We expect the momentum in equities to continue as investors’ eye increased domestic liquidity. With just one trading day left in the ongoing Fiscal Year 2017-18, some window dressing by institutional investors in illiquid stocks can also be witnessed tomorrow.