Today's Market

The market closed up 30pts, relatively mute, given the discount rate cut by SBP. Banks took a hit today, the big three, MCB, HBL and UBL adding a 200pt loss to the KSE100. MCB closed down 5pc. ATRL and NRL closed up 5pc and fertilizers and cements edged higher. Hubco and KAPCO also helped edge the index higher. The index recovered its losses from banking sector woes from small gains by the broader market. E&P sector was slow because of steady crude prices.

Going forward budgetary newsflow is likely to keep the market range bound at these levels.