The market closed up 54pts at 47943 with lackluster volumes, notching up the lowest volume since july 2016. Trading was volatile with the index moving between 207pts plus and 157pts minus. Notwithstanding the impending Panama Verdict the market is taking a breather from 6 consecutive quarters of gains. Till last week the index has declined for 5 consecutive weeks. In the last few days bargain hunters have snapped up stocks which opened up value after drifting lower.
The days movers were SML, SHEL, PSMC and ANL while PKGI, SSGC, ASL and GLAXO were the worst hit among actively traded scrips.
Fundamental strengths in corporate earnings remain encouraging especially in the construction and allied engineering sectors and are likely to come into focus as the next earnings season kicks off and MSCI re rating launches.
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