Yesterday's positive momentum continued led by massive activity in oil stocks. PSO remained strong for the 2nd consecutive day on the back of PKR85bn TFC issue to retire circular debt. Banking stocks previously underperforming rising market finally edged up, led by MCB and NBP, incidentally today's volume leader. On the banking side, there is also talk that Arif Habib Bank AHBL PA is set to acquire My Bank MYBL PA, Atlas Bank ATBL PA and RBS Pakistan operations. Despite activity in oil and banks, cement stocks failed to shine as D.G.Khan Cement announced its FY09 result posting an EPS of PKR1.99 which was below the general market expectation.
With Eid break looming ahead (Sep 21, 22 & 23 Mon-Wed), we expect market to stay strong accompanied by consistent foreign inflows. Additionally, major triggers such as FoDP meeting (Sept 23) and a possible rate cut in upcoming monetary policy (Sept 29) are likely to keep market players active.
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