Market Close !

Equities closed marginally higher with thin volumes (barely 100mn shares traded) amidst continuous lack of serious triggers and as locals seem to be tiptoeing on the sidelines with the onset of the Muslim Holy Month of Ramadhan. Besides, lukewarm expectations from the remaining corporate earnings for the quarter and lack of excitement from the announcements this week precluded fresh activity by institutions. Again spark was seen in OMCs and E&P stocks on reports of foreign buying. HUBC PA witnessed heavy volumes (second highest) on rumors of frenzied accumulation ahead of the company's election of directors. PSO shot up by almost 3.5% on renewed reports of resolution of the circular debt crisis. Cements continued to slide with DGKC PA once again closing around the limit down levels on the back of worsened sector fundamentals (lower cement prices). AICL further slid on prospects of disappointing 2Q/CY09 earnings (to be announced on Aug 26).

The market is expected to remain lackluster in the short-term with activity likely to further dry up with the start of the Holy Month next week. Accumulation on weakness is suggested in E&P and fertilizer.