Market Close !

Pakistan equities witnessed a volatile trading session with KSE100 index closing flat at 9,475. Index heavyweight banks and Oil stocks recovered yesterday's losses as market surprised many with a sharp upturn in early trading. Recent laggards, financials (UBL, MCB and NBP) led the gainers today ahead of Monterey Policy Announcement with expectations that State Bank could announce further relief on Forced Sale Value (benefit to smaller banks/banks with rising bad portfolio) and cuts in CRR and SLR. On the flip side, telecom giant PTC remained under pressure the entire day closing at lower lock as it announced last minute FY09 EPS1.79 with investors disappointed on NO payout despite PKR26bn Cash reserves (USD313mn).