Dear Clients,
KSE 100 index nudged 196 points upwards to 46,160 with Rs 23b traded today. Today’s senate election should guide the market for tomorrow & short term if PTI & allies secure the expected seats & most importantly, Hafeez Shaikh wins the seat against Yousuf Raza Gillani.
Among the notable positive movements; INIL (7%), Pak Refinery (6%), Attock Refinery (4%) & Agha Steel (3%). Investors seemed to be convinced on construction led growth & expected refinery policy to boost profitability on new expansions. In contrast, UBL (-2%), HBL (-2%) & BIPL (7%) closed negatively. Bank Islamic announced results that did not meet market expectations despite strong valuations.
KASB Research
