Today's Market

The market gyrated wildly today moving from a low of -826pts to a high of 842pts, bringing the days fluctuation to an unpreceden. ted 1668pts, at least since 3rd quarter 2015. It closed well in the green at 47603, up 729pts. Turnover shot up to 265mln shares as did value traded at Rs15.28bln. Up until yesterday the KSE100 index was down 993pts since the start of the year. Todays sharp rebound limited that fall to 264pts.

The plunge at the opening bell opened up values for bargain hunters. SNGP, EFOODS, PAEL and FCCL closed at upper circuit with ENGRO, GHNL, NML and OGDC bringing up the rear with 3pc gains.

PRL, ISL and ASL were the laggards for the day.

Todays sharp rebound with better turnover lays the basis for cautious optimism once the Panama judgment is out of the way.