Elixir Securities Limited – Pakistan Market Wrap

Karachi, July 09, 2018 (PPI-OT): Closing Bell – Third Largest Daily Decline of Year 2018

Pakistan equities witnessed the third largest daily decline of the year 2018 with benchmark KSE100 Index settling below 39,300 level, down ~2.5% or ~996 points. Politics was much to blame for today’s fall as sentiments were dented after Supreme Court barred key politicians and bankers from traveling abroad due to their possible involvement in money laundering.

Moreover, increasing uncertainty over macros and persistent selling by local asset managers added to market plight. Declines were broad-based with Cements -4.1%, Pharmas -4.0% and Banks -2.8% denting benchmark Index the most. Expect political noise leading up to the General Elections and prevailing weak macros to keep any meaningful recovery in check in the near-term.

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Elixir Securities Limited – Pakistan Market Wrap

Karachi, July 09, 2018 (PPI-OT): Closing Bell – Third Largest Daily Decline of Year 2018

Pakistan equities witnessed the third largest daily decline of the year 2018 with benchmark KSE100 Index settling below 39,300 level, down ~2.5% or ~996 points. Politics was much to blame for today’s fall as sentiments were dented after Supreme Court barred key politicians and bankers from traveling abroad due to their possible involvement in money laundering.

Moreover, increasing uncertainty over macros and persistent selling by local asset managers added to market plight. Declines were broad-based with Cements -4.1%, Pharmas -4.0% and Banks -2.8% denting benchmark Index the most. Expect political noise leading up to the General Elections and prevailing weak macros to keep any meaningful recovery in check in the near-term.

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