The KSE100 closed down 575pts at 51813. Turnover was 377mln shares and value traded was Rs23.39bln. Total fluctuation during the day was in excess of a thousand points. MSCI upgrade came through with quite a few stocks making the cut. However the market was unable to hold its gains during the early hours of the session succumbing to profit taking after 8 consecutive days of gains totalling 3783pts.
SNGP, EPCL, OGDC, ENGRO, HBL, DFML and ISL saw over a billion rupees of value traded, though gains were limited except for DFML, DSL and LOTCHEM.
HBL, FFC, MCB and SEARL were setback today.
Outflow for the day was USD2.3mln.
While fundamental strength of corporate earnings remains robust, and domestic investor interest in the market has been largely responsible for the healthy growth in equity values, the quantum and timing off foreign participation will be interesting to see. Yesterday's comments from Templeton Funds Executive Chairman Mark Mobius saying he still considers Pakistan a Frontier market is one aspect of this thesis, even as other investors such as Tundra Fonder do not share his view.
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