Wednesday, October 7, 2009

Market Close !

Pakistan stocks closed another positive day as investors brushed aside political noise and yesterday's attack on UN offices. Last half hour buying in index heavyweight OGDC pushed the index to close above 9,650 with USD138mn worth shares traded. Interestingly, more than 60% OGDC volumes traded in the last 30minutes alone leaving the market perplexed. We hear foreign buying spurred the breakout in this E&P giant that had been a lethargic stock for last few days. POL was also in limelight as latest production oil numbers depict increase in production form key Pindori field. Second tier banking stocks rallied today as rumors of State Bank's likely relief on bad loans did rounds. Bank Alfalah advanced to hit upper lock with renewed rumors of bank selling its stake in a cellular subsidiary Warid Telecom (unlisted) to SingTel resulting in one off gain.

Increasing political noise and debate amongst legislatures on Kerry Lugar Bill tomorrow could likely send some jitters with possibly volatile trading ahead.

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