Market remained sideways owing to lack of triggers and more so lethargic mood from locals as Ramadan draws to a close. Locals were some what disappointed after yesterday’s net out flows from foreign funds, which is incidentally the first time in a month. All day stocks remained weak with jobbers selling who were inclined to buy lower, whereas some key local funds were seen selling oil and textile shares. Banks were down after yesterday’s gains exhibiting a total lack of interest. OGDC late announcement of yet another discovery, although negligible, took the stock into the green, as investors took long positions wanting to take cash dividend. The discovery in the mining lease DAKHNI No.11 is a development well and it’s the 1st time that formation has been successfully tested which means the area is vast and going forward other discoveries could come about.
No comments:
Post a Comment