Elixir Securities Limited: Market Wrap
Karachi, July 01, 2015 (PPI-OT): New Record High
Fiscal Year started on a robust note to close the levels at new record highs on back of cements and fertilizer stocks after morning news of Prime Minister deferring gas prices hike in a bid to provide relief to the masses in the month of Holy Ramadhan. Overall, volumes remain focused in second and third tiers as day jobbers remain active in overall participation.
Momentum further fuelled up after CPI for the month of June recorded at 3.16% below consensus, with Engro Corp ENGRO PA +3.8%, Pakistan State Oil PSO PA +1.9% and DG Khan Cement DGKC PA +2.5% on renewed institutional buying interest. Surprisingly, MCB Bank MCB PA +5% ended the day at its upper lock despite banking sector remained mixed to depressed as earnings outlook remain bleak.
With market closing above all time highs, Elixir Securities Limited expects momentum to continue with ENGRO, PSO, HUBC, DGKC, POL, ICI, MARI and EFERT likely seeing interest with benchmark possibly testing 35,500 in days ahaed.