Pakistan equities rose on improved political climate after key politicians reached a consensus over revenue sharing deal amongst provinces. More importantly, reduced trade deficit number down by 37% during first five months of the current fiscal year and successes on military operation were cheered by the market pushing stocks up. Renewed interest and higher volumes today were on the back of locals taking long positions mainly in financials with MCB, NBP, FABL, BOP and UBL closing at upper checks after better news from Dubai debt crisis as Abu Dhabi announced bail out plan. Other gainers included PSO, AICL, NML, DGKC and ENGRO.
We expect market to closely monitor developments on NRO cases hearing by Supreme Court with verdict due in the coming days. Expect stocks to take positive the end of long withstanding uncertainty with market likely to test 9,800 before the end of the calendar year.
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