Today's Market

Today's session was volatile with the index losing over 150pts in the morning only to gain 500 pts later in the day. Profit selling caused the index to close with a gain of 191pts at 39040. Volumes were healthy at 255mln shares while value traded was Rs17.56bln. Banks and Cements helped carry forward yesterday's momentum. MCB, HBL, AL and BAFL traded near uppercap. MLCF and PAKCEM traded +4pc. Oil stocks cost the index today as almost all heavy weights retreated from highs to settle lower. Outlook remains favorable though profit selling at these levels should be expected.