Today's Market

The market closed up 373 pts with turnover of 139mln shares and value traded of Rs 9.29bln. Engro reported an intention by a Dutch company to purchase a controlling interest in EFOODS. Consequently both Engro and Efoods hit upper circuit on expectations of a significant cash inflow into Engro allowing the company to rebalance its strategic directing towards power from consumer sector and fertilizer.

Engro, Dawood Hercules and Pakistan Refinery hit upper circuit. Lucky Cement closed higher by 2.5pc. Banks alpo edged higher. Today's net outflow was USD1.3mln. The hiatus in foreign outflow is helping sentiment.