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General Business News

Market Wrap

Karachi: Equities traded along the neutral line to end the day flat with volumes concentrated in few select stocks.

According to Elixir Securities, index heavy MCB, PPL and OGDC witnessed selling and kept benchmark to struggle despite aggressive local buying in commodity driven stocks mainly fertilizers and refineries. Session started off with HUBC exchanging more than 4mn shares on screen as rumours of two banks shifting positions in stock that trades cum PKR 3/sh cash dividend. Furthermore, market rumours suggest 140mn shares of HUBC PA were sold by one of the sponsors to a consortium of local institution at PKR40/sh. Dap maker Fauji Fertilizer Bin Qasim FFBL PA charged up +2.2% near close on reports of increase in local DAP prices by PKR 400/bag. Overall, LOTPTA +5.8% contributed 30% to overall volumes as PTA margins improve.

Elixir Securities see market to remain volatile as they near quarterly results announcement while locals remain buyers in commodity driven stocks and yield plays. Financials that have lagged post rate cut would likely see interest in coming days however foreign selling in MCB and UBL is keeping excitement under check.

market-wrap

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