Today's Market

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