Today's Market

The market continued yesterday's runup, ending 323pts up to close above 49000 at 49020. Turnover and value traded were sharply higher , up 67pc and 84pc respectively at 225mln shares and Rs11.21bln. Last week saw resumption of foreign outflows, which have abated somewhat this week giving some room to the index for upside. Other than that activity remains on the lower side with a high volatility quotient. 

SNGP, PRL, steel stocks, SEARL, MCB led index higher. 

We expect 50000 level to remain challenging for the market.