Today PSX Closing Remarks
February 06, 2017 Monday:
Index Remains Volatile Amidst Lower Activity
Continuing the last day’s trend, the KSE-100 index remained volatile, with lower turnover. TPL closed on an upper limit as the company announced its plans to offer mobile communication services and also because its subsidiary, TPL Life Insurance approving a right issue of 48 million ordinary shares. DFML hit its lower limit since NML (-0.84%) has announced to set up a car assembly plant with Hyundai Motors, who currently has a technical license/collaboration agreement with DFML. LOTCHEM (+10.58%) and EPCL (+4.44%) garnered attention on the back of coming results announcements. PSO(-2.89%) and EPQL(-3.88%) appeared to disappoint investors’ after posting earnings of PKR 20.75 (62.4% YoY) and PKR 5.52 (-0.54% YoY).
Recommendation and outlook: We expect selected items to be bullish tomorrow, especially those belonging to oil refining, banks, fertilizer and auto sectors.
Events ahead: Monthly Cement Dispatches (Feb 7, 2017)
EFERT and MCB Result Announcement (Feb 8, 2017)
EPCL Analyst Briefing (Feb 8, 2016)
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