Today's Market

The market recovered some of yesterday's losses to close up 375pts at 49588. It was a volatile session with the market opening positive and then dipping into negative territory twice, before ending positive as bargain hunters stepped in at lower rates. Turnover was lower at 263 mln shares while value traded was also sharply lower at Rs 14.72bln. A resurgent steel sector helped the index recover.

MTL announced dramatic earnings growth with quarterly EPS of Rs24. It also declared intent to consider a JV with Hyundai for the assembling of light commercial vehicles. The stock closed at upper cap.

DGKC declared a solid set of half yearly earnings at Rs5.93.

With fundamentals still intact we expect bargain hunting at lower levels with volatility setting in at 50k level.