The market closed up 733pts for the month at 40542. Turnover during the month averaged 560mln shares, double August volumes, while value traded was Rs. 15.3bln up 33pc MoM. The market absorbed financial announcements which were largely in line with expecations while taking the border tension with India in stride.
Second tier stocks were the primary drivers of activity during the month with many scrips seeing extremely high volumes. Because of this the market saw a couple of all time high turnovers.
Autos and Chemicals outperformed the market in big way while Banks and E&P's and OMC's provided some support to the Index.SHEL gained 27pc. INDU and HCAR were up 34 and 33pc while PSMC put in a solid 18pc gain. ICI rose 22pc announcing a major expansion in Milk while LINDE, BERG and ARPL gained 14-17pc.
Cements lost ground during the month with most scrips sliding 3-7pc. MLCF lost 11pc. Fertilizer stocks came off during the month by about 5pc with the exception of FATIMA which gained 10pc.
Outflow during the month was USD41mln while last month it was USD20mln. The market has proved to be resilient in the face of this outflow. Cumulatively the index has gained 2pc in the last two months.
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