PSX Closing Remarks: January 30, 2017 Monday:
KSE-100 Index falls on overdue correction
The KSE-100 Index dropped significantly today closing the session 991pts. down at 48,972. The strong selling was partly attributable to the overdue correction and was further exacerbated by reports of SECP’s investigations against certain brokers providing in house badla. Moreover, the nearing of the end of the Panama case along with the news of US Government planning to extend its visa ban to Pakistani citizens also contributed towards negative sentiment in the market. However, OGDC (+1.55%) closed up on news of CCoP postponing the GoP’s expected 5% sale indefinitely whilst ISL (+4.89%) was up on its upcoming BOD’s meeting related to approval of expansion plans. FFBL hit its lower lock despite announcing its CY16 EPS of PKR 1.43 which was greater than our expectations.
Recommendation and outlook: We expect the selling pressure to be sustained as further profit taking is expected in the coming session.
Events ahead: FFC Result Announcement (January 31, 2017)
CPI Announcement (Feb 1, 2017)
Forwarded By M. M. Hassan from Islamabad for Awareness of Investing Masses.
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