Pakistan stocks closed down 58points with dull volumes on disappointing outcome of yesterday's high level political meeting between opposition leaders and the President. Stocks traded positive most of the day with late selling pulling the index down to close in red. Banks dragged the market with index heavy MCB, HBL and UBL down mainly on profit booking as rumors of FII outflow coupled with talk of State Owned Institution selling did rounds. Cements rallied today as investors await Competition Commission hearing outcome with rumors of out-of-court settlement and chances of reduced penalty on cement players on charges of cartelization. Adamjee Insurance AICL PA traded +5% at upper lock on better than expected result due 30th October. Engro Chemicals closed flat with company to announce results tomorrow where we expect EPS PKR6.54 -42%YOY on the back of higher financial charges and lower dividends from subsidiary companies.
Secretary of State Hilary Clinton visit and hopes of an official announcement of power sector investment package by US is likely to keep oil stocks in the limelight. Moreover, any progress on the war on terror and positives on political front could push stock higher.
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