Today's Market

The KSE100 closed up 185pts at 44523. Perhaps the most telling statistic about the days activity was volume which touched a multi year low of 75mln shares. As Panama case hearings resumed, investors remained sidelined till some semblance of clarity can be gleaned. 

To recap, the KSE100 has lost 17.5pc from its high of 53000 in May, so values have opened up. Pakistan's macro growth story remains intact. Last week K Electric unveiled plans to set up a USD1bln power plant while four automobile companies were given permission to setup greenfield assembly plants. 

Since its peak of 53000 in May the following stocks have handily out performed the Index, PAEL, EPCL, MLCF, EFERT and FCCL.

OGDC and TRG have underperformed.

Earnings season kicks off towards the end of July which should provide direction to the market.