Elixir Securities Limited – Pakistan Market Wrap

Karachi, July 19, 2018 (PPI-OT): Closing Bell – Index Continues Rally on Timely Elections!!!

KSE100 index closed +2.19% at 41,795 level with 179mn shares changing hands today. Traded value surged by 53% to USD78mn from USD 51mn yesterday, as reported institutional buying kept the momentum alive in the index heavyweights with Cements and Steels hitting the upper circuit today. Besides, Financials, Chemicals and E and Ps registered significant jump in traded volumes. Engro Polymerand Chemicals EPCL PA +4.9% announced long term / short term credit ratings upgrade to AA- / A1+ from A+ / A1+ by local rating agency.

With index up 4.6% in two consecutive trading sessions, we recommend investors to reduce position on strength going forward and wait till the outcome of general election (to be held next week) as current vulnerable economic position is likely to remain the center piece of policy level issues for the newly elected government.

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Elixir Securities Limited – Pakistan Market Wrap

Karachi, July 19, 2018 (PPI-OT): Closing Bell – Index Continues Rally on Timely Elections!!!

KSE100 index closed +2.19% at 41,795 level with 179mn shares changing hands today. Traded value surged by 53% to USD78mn from USD 51mn yesterday, as reported institutional buying kept the momentum alive in the index heavyweights with Cements and Steels hitting the upper circuit today. Besides, Financials, Chemicals and E and Ps registered significant jump in traded volumes. Engro Polymerand Chemicals EPCL PA +4.9% announced long term / short term credit ratings upgrade to AA- / A1+ from A+ / A1+ by local rating agency.

With index up 4.6% in two consecutive trading sessions, we recommend investors to reduce position on strength going forward and wait till the outcome of general election (to be held next week) as current vulnerable economic position is likely to remain the center piece of policy level issues for the newly elected government.

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