Elixir Securities Limited – Pakistan Market Wrap

Karachi, November 05, 2018 (PPI-OT): Closing Bell – Correction at Last!!!

Pakistan Equities traded under pressure today with KSE-100 closing at 41,493 after touching intra-day low of -913 points. While the correction was long overdue, it was mainly triggered by investors’ disappointment over ongoing PM Khan’s visit to China which has so far not concluded into any meaningful economic package from the neighbour to bail out Pakistan from the ongoing Balance of Payment crisis. Till last week, media had been speculating USD6-9bn support from China. Most of the volumes today were witnessed in retail names with TRG Pakistan Limited TRG PA +1.51%, Engro Polymer and Chemicals Limited EPCL PA +3.86% and Bank of Punjab BOP PA -2.03% collectively trading over 51mn shares.

As PM Khan’s visit to China concludes today, details emanating from Finance Ministry on the outcome will drive investors’ sentiments. IMF’s delegation is also due to arrive on November 7th to discuss modalities of the bail-out program. We expect selling pressure to continue in Cement stocks which stood out as one of the best performers in the recent rally.

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Elixir Securities Limited – Pakistan Market Wrap

Karachi, November 05, 2018 (PPI-OT): Closing Bell – Correction at Last!!!

Pakistan Equities traded under pressure today with KSE-100 closing at 41,493 after touching intra-day low of -913 points. While the correction was long overdue, it was mainly triggered by investors’ disappointment over ongoing PM Khan’s visit to China which has so far not concluded into any meaningful economic package from the neighbour to bail out Pakistan from the ongoing Balance of Payment crisis. Till last week, media had been speculating USD6-9bn support from China. Most of the volumes today were witnessed in retail names with TRG Pakistan Limited TRG PA +1.51%, Engro Polymer and Chemicals Limited EPCL PA +3.86% and Bank of Punjab BOP PA -2.03% collectively trading over 51mn shares.

As PM Khan’s visit to China concludes today, details emanating from Finance Ministry on the outcome will drive investors’ sentiments. IMF’s delegation is also due to arrive on November 7th to discuss modalities of the bail-out program. We expect selling pressure to continue in Cement stocks which stood out as one of the best performers in the recent rally.

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Elixir Securities Limited – Pakistan Market Wrap

Karachi, November 05, 2018 (PPI-OT): Closing Bell – Correction at Last!!!

Pakistan Equities traded under pressure today with KSE-100 closing at 41,493 after touching intra-day low of -913 points. While the correction was long overdue, it was mainly triggered by investors’ disappointment over ongoing PM Khan’s visit to China which has so far not concluded into any meaningful economic package from the neighbour to bail out Pakistan from the ongoing Balance of Payment crisis. Till last week, media had been speculating USD6-9bn support from China. Most of the volumes today were witnessed in retail names with TRG Pakistan Limited TRG PA +1.51%, Engro Polymer and Chemicals Limited EPCL PA +3.86% and Bank of Punjab BOP PA -2.03% collectively trading over 51mn shares.

As PM Khan’s visit to China concludes today, details emanating from Finance Ministry on the outcome will drive investors’ sentiments. IMF’s delegation is also due to arrive on November 7th to discuss modalities of the bail-out program. We expect selling pressure to continue in Cement stocks which stood out as one of the best performers in the recent rally.

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