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Pakistan equities witnessed a decline of over 3% on fear of political crisis and deteriorating security situation. Key results announcement of PPL (1Q EPS PKR5/sh, inline) and NBP (EPS PKR3.5 for 3Q, below market estimates) in early trading failed to attract investor attention. Early morning bomb attack in Rawalpindi (near the Capital) added to investor anxiety with stocks seeing some support at 9000levels. In line with expectation market closely followed political developments and statement by MQM Chief (strong support in the financial capital Karachi) asking for Presidents resignation on the issue of NRO (that gives legal cover to many leading politicians) and to save the current democratic system led to equities tumbling to their lower locks. Major losers of the day included PSO, PTC, PPL, and ENGRO.
With earnings season over and market hunting for triggers, we expect politics to come to the forefront of attention. Talk of interim elections and fear of further political turmoil could set a bearish tone
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