Market Close !

Market witnessed volatile trading on last day of the week managing a positive close up 0.7%. Market opened buoyant and traded strong on the back of news of shrinking trade deficit to USD1bn -45%YOY in the month of August and more importantly because of record remittances at USD781mn +32%YOY from overseas Pakistani's providing much needed cushion to the exchequer. Energy stocks remained in the limelight with POL PA gaining 2.9% on the back of renewed rumors off a bonus issue with results (no date announced yet). Broader market profit taking mainly led by OGDC that's trades SPOT (T+1) from next week led to declines wiping away earlier gains. Nishat Mills again closed limit up +5% amid talk that the stock has been cornered by a large local broker.

With a shorter next week (Friday holiday due to religious festival), we expect market to remain volatile with index likely to test 9,500 before the weekend close. We recommend financials and fertilizer stocks, FFC being the top pick (highest yield).

Source: Remittances lead market higher!