The month of March saw the market move mostly sideways ending 379pts lower at 48155, down 0.8pc. The massive runup in values for three consecutive months since Nov'17 abated in February, with earnings announcements failing to ignite further rally, particularly as the Panama case drags on pending a verdict by the Supreme Court. Sentiment was not helped by outflow of USD22.8mln during march after an out outflow of USD29.6mln during February. Bulk of the outflow was in cements and to a lesser extent in Banks. E&P's saw a net inflow during the month.Turnover continued its southward journey falling to 246mln shares as did value traded which came down to Rs11.9bln. Compared to February this reflected a decline of 30pc each.
Top items by value traded in March were SNGP, HBL, TRG, ATRL and PRL. Despite the overall lackluster market PRL, SNGP, CSAP, POWER, MTL returned stellar growth of 87pc, 20pc, 18pc, 17pc and 17pc.
TRG, SSGC, KEL, PSMC, AKZO, POL, PPL, INIL were among companies that suffered the most decline.
Going forward the market is likely to remain volatile seeking support from the next round of quarterly announcements and MSCI related inflows.
The market continued yesterday's runup, ending 323pts up to close above 49000 at 49020. Turnover and value traded were sharply higher , up 67pc and 84pc respectively at 225mln shares and Rs11.21bln. Last week saw resumption of foreign outflows, which have abated somewhat this week giving some room to the index for upside. Other than that activity remains on the lower side with a high volatility quotient.
SNGP, PRL, steel stocks, SEARL, MCB led index higher.
We expect 50000 level to remain challenging for the market.
The market closed down 233pts at 48307 on turnover of 206mln shares and value traded Rs.10.9bln. Total fluctuation during the day was 559pts. Turnover was up 6pc while value traded was down 9pc. With speculation growing on imminent Panama Case verdict the market found it difficult to hold on to any gains. Since 23rd Feb, when the judgment was reserved, the index has lost around 750pts. On the other hand market low on 23rd Feb was 48478. 185pts were lost today due to HBL, UBL, PPL, HUBC, MCB and DAWH.
ASTL, MUGHAL ended at upper cap while KEL and RPL closed lower over 4pc.
Market looks to a verdict on the Panama Case to determine future direction.
Panama Case Verdict Incoming
Panama case Verdict Focus
IPP's Close to Deal with PPIB
The market closed down 116pts after making an intraday low of -600pts. Volumes and value traded surged to 195mln and Rs 11.9bln respectively. Turnover was up 47pc and value traded was up 66pc. Broker woes and a bearish crude oil market doused any buying interest during most of the session though hopes of a financing product for investors brought bargain hunters to the fore with the market recovering most of its losses.
POWER, EPCL and MUGHAL were up over 4pc. 11.9bln. AGTL, ABOT, INIL, HMB, MERIT lost the most value for the day.
We expect volatility to remain a feature of activity pending provision of a robust financing product and the Panama Case verdict.
Anemic activity led the market to close down 536pts at 48655. Turnover and value traded crashed to a 9 month low at 133mln shares and Rs7.2bln. With the Panama case verdict looming and SECP vigorously pursuing regulatory infringements figured large in investor minds. Plummeting volumes could be the forerunner of heightened volatility.
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