Today's Market

The market closed up 459 pts at 44199 making history again in the process. This is another all time high. The index has been on a tear, December being no different. Four consecutive sessions in this month have seen the market gain 1577pts or 3.7pc. The enthusiasm has seen absorption of over USD100mln in foreign outflows. Upbeat cement sale numbers and firming fertilizer offtake, coupled with crude oil rally have helped the index break out to new highs. DGKC, MLCF, FCCL, CHCC and PIOC closed up 5pc. Outflow for the day was USD13mln. We see the underlying strength in the index continuing albeit with corrections due to profit selling.