Todays Market

In an inauspicous start to the month, the Index closed down 545pts or -1.7pc. Volumes rose 32pc to 189mln shares while value traded rose 11pc to Rs.7.8bln. The market closed well below 32000 at 31710. Sentiment was hit by politcal repercussions of a top aide in the last government. Selling in the last two consecutive sessions seems panic stricken. Also CPI inflation clocked in at 2.7pc for November.

The following actively traded stocks closed at or just below lower caps today. Pak Elektron, TRG, SSGC, SNGP, Searle, Byco, Mughal Steel, Pak Bulk Terminal, PNSC, Hino Pakistan and Synthetic Products. Losses in other scrips were not at bad. For instance, Engro, HBL, Maple Leaf, DGKC, PSO, FFC, Hub Power, Lucky Cement, Pak Oilfields, OGDCL closed mostly below 2pc.

Support for the Index should be more forthcoming in coming sessions.