Today's Market

The market closed up 96pts, just above 40000 level at 40023. Volumes were heavy at 389mln shares while value traded was Rs 12.4bln. Top 10 volume stocks accounted for 185mln shares, almost half of the days volumes. KEL, BYCO, PACE, SNGP, BOP topped the volume leaderboard. A surge in volumes of second tier stocks has supported market volumes. KEL saw increased trading on the back of an official announcement that Abraaj is in divestment talks over KEL. Performance in blue chips was relatively mute, only NBP managing to close at upper cap after a stellar quarterly result last week.

We expect trading activity at this level to be dictated by quantum of foreign flows.