Karachi, December 16, 2014 (PPI-OT): UBL: Reiterate liking post correction While UBL is up 27%CYTD, it has shed 10% since the SBP re-initiated monetary easing with a 50bps DR cut to trade at a CY15F P/B of 1.5x and P/E of 8.4x. With reinvestment risk on the horizon, AKD Securities trims AKD Securities EPS estimates …

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Karachi, November 24, 2014 (PPI-OT): Expanding Triangle Resistance in Play Short‐Term: A dark cloud cover at upper boundary of an expanding triangle has interrupted the short‐term bull trend. Expect resistance in 31,620 — 31,848 levels capping the recovery attempt. Slippage below 30,989 — 30,970 levels would expose weakness towards 30,194 levels. Sell in 31,620 — …

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