Daily Briefing: Expect the upward momentum to remain intact ahead of the monetary policy. Textiles likely to see buying interest after the draft policy approval by stakeholders. According to the National Clearing Co. of Pak net foreign inflow on Jan19 was recorded at US$ 0.42mn. Banks & DFIs net sell was US$ 2.85mn while mutual fund net inflow clocked in at US$ 4.87 mn (+) Hub Power Co. (HUBC) is looking to set up a 3,600MW coal based power plant in Hub, CEO Khalid Mansoor (+) Govt. expected to reduce POL product prices further between PKR 5.5-11/litre from Feb01 (+) Stakeholders approve the draft textile policy in a meeting held with the govt. yesterday (+). Technical View: Expect continuation of northbound momentum towards 34,320 level with immediate supports around 33,818 and 33,541 levels. Short-term stance remains bullish with the 14-day RSI (80.11) entering bull market momentum resistance between 80 - 90 readings . Lock profits on strength in cements, hold banks while accumulating oil, fertilizer, textile and insurance sectors on dips. 13-day Leaders: DAWH, KTML, SHFA, JSCL, PCAL, PACE, ENGRO, EFOODS, CEPB & NETSOL. 13-day Laggards: MUREB, PAKT, GRAYS, NPL, BAFL, MTL, ATLH, ABOT, PKGS & NCPL
Posted on: Tue, 20 Jan 2015 04:38:14 +0000
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