Today's Market

The market plunged over a thousand points today within the first hour of trading on fears of crude oil weakness, regional market volatility, and a growing sense that a Pakistan's growth this year may not be as rosy as previously thought. A tentative recovery of sorts was witnessed during the remainder of the trading session with the index slowly gaining to close 370pts down. We believe given external pressures, further volatility could be witnessed. Today's net foreign outflow came in at USD8mln. Volumes today were high at 210mln shares and Rs. 10.4bln, up 53pc from Friday.

Today's top traded item by value was DGKC which saw extraordinarily high activity at Rs1.5bln. POL bore the brunt of today's oil sell-off and was down 4.5pc. PPL and OGDC were off by 2.5pc. FEROZ, SSGC, GHNI and BYCO were down 5pc. HASCOL was down 5pc most of the day but closed the day up 5pc.