Today PSX Closing Remarks
January 31, 2017 Tuesday:
Regulatory Issues Cause Index to Remain in Panic
Consequent to SECP’s investigation on certain brokers over providing in-house badla yesterday, the market remained under panic, closing 214 points down at 48,758 level. MARI (-3.05%) underperformed on the news that the Government was divesting its stake, wherein the company has proposed to determine the price at previous six month’s average market price. FFL (+2.78%) was up after it disclosed about its completion of BMR activity. JPGL hit its lower lock on the news that WAPDA has decided to not purchase electricity from the company. Lastly, FFC (+0.79%) released its annual earnings of PKR 9.26/share which were almost inline with our expectations.
Recommendation and outlook: We expect the market to remain mixed in the coming session.
Events ahead: CPI Announcement (Feb 1, 2017)
ASTL, GYTR, EFOODS Result Announcement (Feb 2, 2017)
Forwarded By M. M. Hassan from Islamabad for Awareness of Investing Masses.
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