Market Wrap- Elixir Securities Limited
Karachi: Pakistan equities closed flat on first day after EID holidays with benchmark KSE100 index struggling near 12k on profit booking.
According to Elixir Securities, despite positive news on energy sector circular debt over the holidays, locals preferred to remain largely selective amid volatility in global markets. Losses in regional markets resurfaced local’s fear of possible foreign selling in index names however institutional interest in yield plays was witnessed today. Broader market traded directionless; interestingly MCB Bank MCB PA +3% and Oil and Gas Dev Co OGDC PA +.9% traded higher than average volumes with later on optimism over coming petroleum policy and more importantly expected higher production from Zin block. There were rumours in the market of a large block trade in MCB PA however no deal went through till Elixir Securities writes this.
Elixir Securities see choppy trading in the days ahead with all eyes on foreigner’s activity in absence of major triggers. It is worth mentioning that rumours of relaxation over Capital Gains Tax are gaining momentum and many are hoping of a surprise announcement ahead of the tax filing deadline that is now extended to 21st Nov.