Today's Market

The market continued yesterday's decline, closing down 209pts. Intra day the index lost about 800 pts. Foreign selling continues unabated as todays net outflow came in at USD 9.1mln. The continuing Panama Leaks saga also contributed to some investor nervousness as did a drawing down of liquidity after SECP restrained mutual funds to keep at least 5pc of net assets in cash. We expect the market to pause a bit before taking cue from upcoming earnings.