Equities witnessed a volatile session on reported local funds profit taking closing down 1%. Contrary to expectations market remained under pressure right from the start as major local institutions resorted to profit taking. NIT was rumored to have been major sellers today in order to cater to redemptions. However local selling was sustained by inflows from FII's which have been consistent over the last few weeks, albeit a little lower compared to last week, probably as foreign funds are in no hurry to push aggressively at current levels. Interestingly, August's CPI inflation number of 10.69% was neutral as the figure was somewhat in-line with expectations. OGDC PA was the major culprit as investors opted to sell and take long positions in PPL, POL and FFC, all offering better upside and yield.
Although market is likely to remain volatile at current levels, we expect sentiment to remain positive ahead of monetary policy announcement and consistent FII inflows.
Source: See-saw at 9,000 level
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