AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, November 01, 2018 (PPI-OT): Closing Bell – Textiles Attracting Interest!
Pakistan equities closed Wednesday with modest gains of 66 points to stand at 41,716. Market traded in negative zone in the initial hour however tides changed towards mid-day when the bulls regained momentum and pushed the Index higher to set an intra-day high of 41,827. Textiles remained in limelight with Nishat Chunia Limited NCL PA +4.92 % and KTML PA +4.98 % trading at their upper price limits while Nishat Mills Limited NML PA +3.2% and Gul Ahmed Textile Mills Limited GATM +3.23% also attracted interest.
The recently announced financial results from the sector have already shown multi-fold growth in bottomlines while ongoing theme of PKR depreciation, government incentives, lower energy costs for the sector and expectations of timely government refunds should keep the momentum going. In Cements, Maple Leaf Company Limited MLCF PA +4.75% outshined again with price action testing another upper circuit. Going forward, we expect market participants to keep a close eye on news flows emanating from upcoming visit of Prime Minister to China.