Karachi : In line with expectation, KSE100 index shed 1.3% on renewed concerns over US‐PAK relationship after NATO attack.
According to Elixir Securities, investor’s sentiment reflected similar mood as stocks dipped more than 2% intra‐day, though recovered late on value buying by local institutions. To further shear participation, PKR hit record low against USD trending similar recent regional currency depreciation. MCB Bank MCB PA ‐3%, a key holding in foreign portfolios churned more than 2mn shares after weeks of low volumes on reports of foreign fund selling and local bank buys. Overall, volumes stood in line with past averages as fear of new lows between US‐PAK relationship starts to haunt already beleaguered investors. Moreover, institutions continue to await outcome of the monetary policy on Wednesday 30th Nov.
News and Flows seem to be the only guiding force for the market and Elixir Securities anticipates stock specific activity to be key driver in the days ahead with Oil stocks are key picks.