Today's Market

The market closed down 294pts at 46700, off its highs. Turnover and value traded were lower at 270mln and Rs 13bln. A sharp runup in recent days has given way to a healthy correction that could set the stage for future gains. PSX divestment culminating today in a Rs 28 bid underlines fundamental strengths in Pakistan's economic story. PIBTL was the top stock by value recording Rs 1.3bln value traded. It announced a 17pc rights issue thereby suffering investor ire. We expect the market to remain focused on upcoming earnings and future sectoral strength in cement, autos and steel.