Market Close !

Equities witnessed a positive bounce back after two days of selling spurred by yesterday's FII buying (net inflows USD4.3mm). PSO PA closed upper circuit on reports that TFC's were being issued to retire the OMC's and other circular debt. PPL and OGDC were both once again in the limelight, despite trading Spot, on rumors that 2 more major discoveries in NASHPA well could be announced soon. We, however, feel that sustained foreign buying in these stocks has sucked away some serious float, and locals are now scampering back to get hold of some shares.

We expect the market to test 9,500 before Eid holiday break. Market is bracing itself for possible discount rate cut and some good corporate earnings, besides continuous focus of foreign funds which is providing much needed liquidity. Both PPL and OGDC will open ex on Friday and expect further excitement in them. Keep an eye on JSCL, with company set to announce its FY09 results after market tomorrow. Take advantage of weakness.