Karachi: KSE100 index underwent a roller coaster ride as equities played on both sides of the fence reacting to results announcement.
According to Elixir Securities Limited, NML PA recouped its recent losses after ending up on its second consecutive upper lock as the company is expected to get PKR 1.5/shr earnings due to its holding in PAKGEN Power Limited. PakGen announced its half yearly results announcing PKR 5/shr as cash dividend. OGDC and ENGRO lost steam soon after announcing their results as earnings clocked in below analyst estimates on account of higher expenditure for the former and higher financial charges for the latter.
A yo‐yo week translating into net loss of ‐3.5% for KSE100 that has dented investors confidence owing to global turmoil in equities. Elixir Securities Limited expects local bourse to be highly reactive to foreign flows as leading investors continue to eye Europe debt crisis and upcoming high level meeting between France and German counterparts to discuss the debt trap of Europe. Elixir Securities Limited expects volatility to be high at these levels and would advice low exposure. Accumulate yield plays at lower levels, SELL‐ OGDC.