Elixir Securities Limited – Market Wrap
Karachi, November 21, 2014 (PPI-OT): Some recovery ahead of the weekend
Pakistan equities ended the week positive with index names seeing recovery after losing near 2.5% in previous two sessions. Stocks interestingly opened positive and traded up however turnover was significantly down; lowest this month and nearly 50% of the weeks average as investors traded cautiously.
E and P plays; Pakistan Petroleum PPL PA +1% and Pakistan Oilfields POL PA 1.6% were up on local institutional buying while investors largely ignored yesterday’s proposal of gas tariff hike. As expected, retail driven small and mid caps led volumes as wider market end the day near key support level of 31,500.
Elixir Securities Limited sees political developments over the weekend to guide direction early next week and expect index to recover and test 32,000 as index names see fresh local institutional buying. Recommend PPL, ENGRO, DGKC, NBP and MCB.