Market Wrap Energy dampens mood... KSE100 Index 30,145|High 30,266|Low 30,048|Change -35|Value USD83mn|Vol 108mn Pakistan equities closed marginally negative after volatile trading with KSE100 index dipping to near 30,000 followed by value buying primarily from institutions. Oils did the most damage with index heavy Oil & Gas Dev Co OGDC PA -2% closing third consecutive negative session on highest turnover in six months as investors see lower prices in secondary offering due in coming few weeks. Cements generated interest with Maple Leaf Cement MLCF PA -2.4% topping volumes charts and closing negative after announcing annual earnings that were below estimates while Lucky Cement LUCK PA +1.3% and DG Khan Cement DGKC PA +0.6% gained on institutional buying. Financials weathered selling in broader market with heavyweights Habib Bank HBL PA +1.2% and MCB Bank MCB PA +0.2% ending the day green on optimism over earnings in the coming few quarters. Engro Powergen Qadirpur EPQL gained max 50% on first day of provisional IPO trade; EPQL is primarily owned by EPL (a wholly owned subsidiary of ENGRO PA), which, prior to the recent private placement, held 84% shareholding in the Company, whereas the remainder was held by ENGRO (9.88%), IFC (4.95%) and company employees (1.17%). Expect volatile trading with KSE100 likely testing 30,000 while small and mid caps along with illiquid pharmas, autos and consumers will gain attention. Recommend buying MCB, NML, ENGRO, PSO, DGKC and KEL and advise booking gains in HBL, HUBC and FFC. Elixir Securities.
Posted on: Wed, 17 Sep 2014 15:16:32 +0000