Choppy market

Trading today was choppy. The KSE 100 opened to trade up to 345pts higher and then subsequently traded 164 pts down to close at 72pts plus. Turnover was up almost 20pc. SECP comments regarding NAB broker enquiries were met positively. Regional market stability helped sentiment. HCAR, MUGHAL, PAEL and National Foods and Pak Tobacco were among top gainers. All ended the day 5% higher.  PPL Closed at 119 up Rs. 4.35 on positive news regarding its exploration activities. 

General Tyre is expanding production.

UBL, HBL and MCB slid again today contributing to most of the days KSE100 negative points. Out of the top 30 heavily traded stocks by value, 9 fell. Out of these  HBL and UBL lost 1.16pc and 2.12pc  respectively. The rest clocked declines of under 1pc. 21 stocks gained in percentage terms. The chart in the next post shows this

Oil stocks could offer support to the index considering crude oil holding current levels.

The market should continue to see support at 32000.