The market dipped almost 2pc to 48972 losing 992pts. it was a roller coaster session that saw the index gain over 300pts upon start of trading, though it steadily lost ground afterward. Resistance over 50000 levels took its toll, alongwith reports of broker compliance issues, sending a chill in an overbought market. ATRL, TRG, SNGP, APL, FABL, EPCL, CSAP, GTYR, GLAXO, FFBL, PNSC, LINDE closed near 5pc down. The market failed to build on the momentum provided by news of indefinite postponement of OGDC share offering by the GOP. Across the board selling was witnessed despited a postive foreign flow number of USD 4.6mln. Changing market liquidity conditions could impinge sharply on future trading direction. We expect volatility, though some support could be forthcoming at lower levels. Todays session wiped out almost half of 2100pt gain since the start of the year. FFBL announced a full year EPS of Rs1.4 compared to Rs4.35 last year with a payout of 5pc. Ferozsons announced a quarterly result of Rs 5.25 compared to Rs 23.63 last year, with a 30pc cash payout
The market closed a volatile session ending 212pts down at 49756. Intra day the index saw a 280pt high before surrendering its gains toward the end of the session. Turnover was 459mln shares while value traded was Rs25.4bln. Rollover pressure may have kept the index in check even though momentum could carry the market further. Volatility at this level could be induced by news flow regarding Panama Leaks case.
The market crashed through previous records, closing at another all time high at 49876, within striking distance of 50000. Turnover reached a 2.5 month high at 600mln shares, primarily on the back of a multi year high volume in KEL. KEL traded 213mln shares or 30pc of total market volumes. Prospect of continued strong liquidity aided by positive news flow in engineering sector, has kept participation healthy with firm uptake of share floats even in the face of continued foreign selling. Todays outflow was USD 11mln. The index has shrugged aside high upon high adding 2070pts since the start of the year. KEL, SNGP, CSAP, NRL, ATRL, HCAR, ABOT, PSMC, BAFL, LOTCHEM, HTL, THAL, AKZO, HTL, ICI and SYS were among the many stocks that gained over 4pc for the day. We expect the market to remain strong though it could face resistance at he 50000 level.
The market closed another volatile session just 36pts down, at 48642, after gyrating intra day, between 300pts plus and 177pts minus. Top 4 scrips by value, OGDC, GTYR, PAEL and ATRL scored value traded in excess of Rs1bln, and their share in total value traded for the day was 30pc. Auto sector was the star performer of the day, HCAR, MTL, GHNL, GHNI closing sharply higher. OGDC and ASTL closed over 4pc lower. OGDC suffered due to potential further divestment of shares. Going forward we expect the market to respond to corporate annoucements, while taking a breather from recent sharp runup.
The market continued yesterday's decline, closing down 209pts. Intra day the index lost about 800 pts. Foreign selling continues unabated as todays net outflow came in at USD 9.1mln. The continuing Panama Leaks saga also contributed to some investor nervousness as did a drawing down of liquidity after SECP restrained mutual funds to keep at least 5pc of net assets in cash. We expect the market to pause a bit before taking cue from upcoming earnings.
The market closed sharply lower at 48888, down 322pts closing at near the low for the day. Right from the start sentiment was negative following SECP's decision for mutual funds to keep 5pc of their net assets in cash. Furthermore, sharp runup in recent days has left the door open for some profit selling. Earnings season is just around the corner now and we expect broad based rally to give way to selective performance, contingent upon results.
The market ended a stellar session up, 505pts at a record high of 49371. Turnover was 460mln shares while value traded was Rs 24.9bln. TRG, GLAXO, TREET, GHNL, ASTL, INIL, AVN and AGTL closed up over 4pc. Foreign outflow for the day came in at USD28mln which is the highest daily outflow in over an year. Given elevated index level, consolidation could see some profit selling.
The market closed down 173pts at 48865. Volumes were 413mln while value traded was Rs20bln. Right from the start the index came under pressure due to selling in fertilizer stocks on end of subsidy. FATIMA and EFERT closed at lower cap. One the other hand NRL, FFL, ANL, LOADS, MUGHAL and AVN closed at upper cap. Outflow during the day was USD 5.5mln. Upcoming textile package should give strength to textile stocks.
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