Today's Market

The market closed down 350pts on turnover of 163mln shares with Rs 7.8bln value traded. Value traded took a dip mainly because of small cap stocks dominating volume charts. KEL accounted for almost 30pc of today's turnover. Banks were the hardest hit today with MCB, HBL and UBL contributing a hefty -170pts. Taken together 8 companies, NML, FFC, OGDC, UBL, LUCK, HBL, MCB and FEROZ 1888 accounted for 340pts loss.

Foreigners were bet sellers to the tune of USD4mln while locals were buyers of the same amount.

Softer crude prices coupled with Eid holidays and June closing could keep the market under pressure with narrow participation.