Today’s Market

The market closed down 6pts at 42743 after hitting an intra day hugh of plus 300pts. Trading remained lackluster with volumes of 126mln and value traded of Rs 6.9bln. Last weeks weekly absolute index movement was 35pts which is the lowest such change since Sep 2016. Lack of triggers and political uncertainty have left the index moving sideways.

Todays star performer was the fertilizer sector while NBP hit lower cap on a very negative court ruling which could leave the banks EPS significantly impaired.

It is encouraging that the market has so far resisted further declines from these levels and could see support from oil stocks as crude prices rally.