The market closed 13pts up at 48534 on volume of 228mln shares and value traded of Rs 10.7bln down 9pc and 7pc respectively. Volume and value traded were lowest so far thia year. Strict regulatory enforcement has left the market struggling to find its footing. Volatility has been on the higher side. Index fluctuation today came to almost 500pts.
ISL, GWLC, EPCL, ICI and SNGP closed up. SNGP clocked in Rs1.3bln in value traded today.
NCL, POWER, GGL and DCL closed over 4pc down.
Pakistan Wont Go on Spending Spree
The market continued its southward journey, under pressure over strict regulatory posture, to close down 489pts(1pc) at 48519. Turnover was 250mln shares and value traded was Rs11.6bln, down 9pc and 18pc respectively.
A slew of scrips closed over 4pc lower. SNGP, ISL, ASL, SSGC, BOP, NCL, GGL, THAL, POWER and NCPL were among them.
SML, LOTCHEM, GHNI and DFML were among the few scrips that closed positive.
Further consolidation should open up values for accumulation.
Last Weeks Flows USD-4.8mln
The market closed down 368pts this week on average turnover of 321mln shares and value traded of Rs 14.5bln. Turnover was down 10pc WoW while value traded sunk by 18pc. Fluctuation during the week was 1120pts. The Panama Case and regulatory action against brokers saw volumes peter out. Strict enforcement of no debit balances saw the market struggle to find fuel for a rally.
SNGP, ENGRO, SSGC. MTL, PIOC were winners for the week.
ISL, ASL, POWER, DCL, HASCOL, BOP, DSL, GGL sank during the week.
During the week BAFL announced full year EPS of Rs4.96, HUBC declared Rs3.23 half yearly EPS with a payout of Rs1.35 and NML declared half year EPS of Rs7.25. SNGP declared a solid Q2 EPS of Rs3.4.
We expect the market to consolidate at lower levels pending some respite on the regulatory front.
Yesterday's Flows USD-1.2mln
The market followed a pattern of increased volatility seen since last week, gyrating 621pts for the day from its high and low. It closed at 48982 on turnover of 379mln shares and value traded of Rs 16.5bln up 11pc and 19pc respectively.
The Panama case decision tomorrow figured heavily in investors minds. Average daily fluctuation from index high and low for this week and last week has been about 600pts, which is double that of the week before last.
Second tier stocks bore the brunt of investor ire. ASL, POWER, DCL, SSGC, BOP, DCL, GGL, GHNI, GHNL, MTL, TPL, and DFML closed over 4pc lower.
Market direction hinges on Supreme Courts all important decision.
Pakistan's Economy On the Rise
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