Today's Market

The market closed up 60pts to end at 40355. It was a seesaw session, with the index losing 70 odd points in the morning and then gaining upto 170pts later in the day. Turnover was down to 435mln shares while value traded was Rs13.7bln, perhaps signalling less activity in second tier stocks that have driven volumes to decade highs. This weeks average volume is markedly below last weeks average of 720mln shares by about almost 40pc.

INDU, PSMC, TRG closed at upper cap. TRG recorded a massive Rs2.1bln in value traded. ICI continued its runup after announcing a infant milk formula plant in Pakistan. We continue to expect consolidation.
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