After index increase of 2.96% during last 4 working days, equities finally took a breather today. Volumes were also lower compared to the hefty turnover earlier this week, which can be attributed mainly to the lack of major activity by FII's today. Moreover market remained under pressure on account of the political situation with a failed assassination attempt on the Minister for religious affairs (very vocal against Taliban). Additionally newspaper reports about National Assembly Standing Committee probing privatization done by previous Government that includes PTC, HBL, KESC and Pak Steels (these deals cannot be undone because of Pakistan Guarantees) prompted profit selling by local institutions.
Given today's correction, which should be viewed very positively, we expect stocks to remain volatile with interest in key stocks on dips. However we believe that inflow by foreign funds will continue to shape the medium term outlook.
Source: Closing Bell - 9,000 remains elusive
No comments:
Post a Comment