Today's Market

The market closed down 323pts at 42526, retreating sharply from last week's highs. Turnover was robust at 554mln shares while value traded was Rs 17.6bln. With the Panama hearing tomorrow the market is taking politics to book. Net Foreign outflow of USD6.6mln kept buyers at bay although in recent times, outflows have largely been absorbed by locals. HUBC, UBL, HBL and LUCK and PPL accounted for almost 200pts out of today's 323pt loss. We expect the market to remain choppy at these levels pending some sort of resolution of the Panama issue.