Market Wrap- Elixir Securities Limited

Government & Politics

Karachi: Equities carried yesterday’s late buying momentum favoured by rebound in global equities. Locals also took a sigh of relief after city returned to normalcy as Prime Minister consulted all parties to restore Karachi’s peace. Despite positive FII flows, volumes continued to remain on the lower side as most of the activity was witnessed by day jobbers. It was an oil day as POL regained to make new highs followed by excitement in FFC and ENGRO. However, FATIMA PA closed ‐1.5% as the company announced its half yearly result of LPS PKR0.06. Banking stocks continued to slide as NBP PA and MCB PA closed in red as late selling on rumours of FII sells put local flows on hold.

Elixir Securities expects the market to remain sensitive towards FII activity as it continue to track world markets. Volumes are expected to be on the lower side with activity in dividend yielding stocks to be in lime light. Elixir Securities still recommends gradual accumulation in POL, APL, HUBC, UBL, MCB, LUCK and FFBL on dips.

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