Today's Market

The market closed sharply lower at 48888, down 322pts closing at near the low for the day. Right from the start sentiment was negative following SECP's decision for mutual funds to keep 5pc of their net assets in cash. Furthermore, sharp runup in recent days has left the door open for some profit selling. Earnings season is just around the corner now and we expect broad based rally to give way to selective performance, contingent upon results.