Market Close !

Equities hit the covetted 9,000 levels spurred on by FII buying coupled with positives both on economy and politics. Some signs of calm between opposition and ruling parties on potentially explosive political issue of presidential powers and signs of economic recovery from improved size of government reserves held the market strong today. OGDC hit upper lock in early trading with rumors of third major discovery in the key Nashpa field and talk of continued foreign interest. POL traded strong as news of two key oil fields early production hit the market. Financials gained with NBP PA closing upper lock on talk of foreigner's interest and talk that Force Sale Value with be enhanced from current 30% allowing banks with bad loans some breathing space.

With market managing a close above 9k, +5.4% WOW and approx USD80mn FII inflow, we expect volatile trading next week. We continue to advise reducing exposure in Oil barring PPL and PSO and staying long in banks and 2nd tier stocks. A key trigger for the market will now be the Friends of Democratic Pakistan meeting in NY on SEP23 which will be co-charied by President Obama, PM Gordon Brown with expectations of USD1.5 grants.

Source: Closing Bell - Market breaks Year end target