Karachi, December 12, 2017 (PPI-OT): Closing Bell – Volatility at its best!
Pakistan Equities traded another day volatile with benchmark KSE100 Index knocking down psychological support of 38,000 intra-day before recovering sharply to end the day in green. The Index lost ground within first half hour of trading as wider market barring Oils deepened losses on ongoing political noise as a deadlock between the government and opposition party (PPP) over passing of Delimitation Bill raised concerns on timely elections (which are currently scheduled for August 2018).
Later on, value buyers made entry and cherry picked Index names with attractive valuations. Oils stood strong throughout with investors not only tracking gains in global crude but also currency depreciation as Rupee shed another ~2% against greenback in interbank market today (PKR/USD closed at 110.75). This also generated interest in Hub Power HUBC PA +3% as it topped the leader board and contributed most points to KSE100 Index. Despite today’s sharp recovery, we continue to see volatile market in the near-term with political noise mainly dictating sentiments.