Equities remained buoyant through out the day as index flirted near the 10,000 levels on continuous foreign buying. Stocks took a positive cue after Templeton's Mr. Mark Mobius stated that emerging markets and in particular Turkey and Pakistan were still cheap led to continued frenzy. However, turnover was lower probably after the tragic bomb blast in Peshawar in the morning and also emerging situation over the Kerry-Lugar bill, that induced some profit taking. Interestingly, banking stocks remained positive on the back of rumors that the Forced Sale Value relief will come through soon (we hear next week), benefiting smaller banks and also whispers that a large crossing took place in BAFL (the bank will also benefit with sale of Warid shares to Singtel).
With the exception of a relief measure from central bank in the face of FSV, there are no likely triggers due in the imminent future due to which we expect the market to correct in the range of 3-5% during early trading next week. However, AHSL board meeting (Wednesday), is likely to keep interest in the stock alive, as the case maybe for JSCL that has shed over 5.8% this week.
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