Today's Market

The index fell 370pts, down 1.2pc to close at 33200. Volumes fell 3pc to clock in at 152mln shares, while value traded rose 18pc at Rs. 7.8bln. After days of direction less movement the market is settling lower. Volumes remain on the lower side. Value traded registered a jump despite meager volumes because activity rose among large cap stocks. SSGC closed up 4.34 pc on hopes of a positive announcement in the upcoming board meeting. Ghandara Nissan closed at lower lock ending a sharp run up after the company issued a notice expressing surprise at the stocks rapid appreciation. Today's net outflow number was USD 0.2mln. Keeping volumes in sight we do not rule out the possibility of a pullback. Most activity was seen in SSGC which rose 4pc, Ghandara Nissan which fell 5pc, Pak Elektron which lost 1.7pc, TRG and Engro. Most sectors remained affected by today's decline including fertilizers, commercial banks, autos, cements and even the closely held pharmas.