Home / Brokerage / Market Wrap Cement Supports – Elixir Securities Limited

Market Wrap Cement Supports – Elixir Securities Limited

Karachi: Equities closed on a negative note amid low turnover as local political noise pushed participants to book profits.

According to Elixir Securities, cement stocks (LUCK PA +1.29%, DGKC PA +1.84%) remained positive after bag prices were increased by PKR 15/bag as a move by local manufacturers to support bottom-line. Moreover, fertilizers underwent profit taking as rumours of govt taking action against recent price hike in local urea bags pushed for sells in FFC and FFBL. Financials were down on selling with MCB PA seeing the largest fall. Interestingly, there is whisper of a possible large block switching hands in HUBC, with pricing being discussed. More interesting in Elixir Securities’ view will be whoever buys the block, as it may pave way for a Directorship in the IPP…

Market is expected to remain positive in the near term because of a Discount Rate cut (Monetary Policy 8th Oct). However, some locals as well FII’s may take any rise to book profits… Elixir Securities’ key picks remain financials, cements and IPP’s…

Leave a Reply

Scroll To Top