Karachi, February 07, 2013 (PPI-OT): Breather over 32,000
Pakistan equities opened positive but struggled over 32k levels as investors opted to book profits at new highs. Selling in later half of the session pulled the index in red with Pakistan Petroleum PPL PA -2.2%, recording its recent low keeping other oil names under pressure.
Engro Corp. ENGRO PA -1.16%, that has been the star of the recent rally gaining 30% in the last six sessions took a breather while cement plays namely Pioneer Cement PIOC PA -4.3%, DG Khan Cement DGKC PA -1.5% and Cherat Cement CHCC PA -3.7% also witnessed profit booking.
Expect market to remain volatile and resist near 32k with financials namely NBP, MCB and BAFL likely generating interest while broader continues to track flows. News that hit wires post close of S and P affirming Pakistan’s B- credit rating and stable outlook will bring macros in focus with upcoming Sukook issue and IMF installment countering anxiety over politics as Imran Khan’s PTI gears for a large gathering in Islamabad on Nov 30th.