Equities further shed 1.28% on lower volumes as market players continue to book profits at current levels. Nonetheless support was witnessed below 8,800 level with strong FII interest mainly in Oil stocks. PPL PA traded in the opposite direction to market all day with talk of aggressive FII accumulation that subsided local selling. Interestingly, rumors of Bank of Punjab calling redemptions in the market from its investments in mutual funds could likely have triggered broader market selling. Bank of Punjab Treasury has already announced plans and made preparations to invest in equities from its own desk. Financials also were under pressure with UBLhitting lower price circuit mid day.
We expect volatile trading in the coming days as market consolidates at 8,800 to 9,000levels. FoDP meeting and MPS announcement later this month could spark some interest in lagging stocks.
Source: Market sheds further 1.28%
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