Today's Market

The market crashed through previous records, closing at another all time high at 49876, within striking distance of 50000. Turnover reached a 2.5 month high at 600mln shares, primarily on the back of a multi year high volume in KEL. KEL traded 213mln shares or 30pc of total market volumes. Prospect of continued strong liquidity aided by positive news flow in engineering sector, has kept participation healthy with firm uptake of share floats even in the face of continued foreign selling. Todays outflow was USD 11mln. The index has shrugged aside high upon high adding 2070pts since the start of the year. KEL, SNGP, CSAP, NRL, ATRL, HCAR, ABOT, PSMC, BAFL, LOTCHEM, HTL, THAL, AKZO, HTL, ICI and SYS were among the many stocks that gained over 4pc for the day. We expect the market to remain strong though it could face resistance at he 50000 level.