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Pakistan equities declined amid terrorist attack in the provincial capital Peshawar which also coincided with three day official tour by US Sec of State Clinton. Early morning announcement by Oil & Gas Regulatory Authority of downward revision of key gas fields prices kept E&P's check. Analysts had already expected a decline on the back of international crude price changes and our FY10 EPS target remains unchanged for PPL and OGDC. Key results kept some interest alive as fertilizer giant declared a surprise PKR2/sh cash dividend with EPS PKR9.44 beating market expectation. Moreover, HUBC PA result failed to inspire interest with announcement of EPS PKR.96 for first quarter without payout. Adamjee Insurance continued upward ride with stock closing upper lock as investors bet on higher earnings.
With results season almost at its climax, we feel market lacks triggers and is likely to follow FII flows, going forward. Declining law & order situation is likely dampen investor sentiment and we recommend longterm plays with downside support.
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