Tuesday, October 20, 2009

Market Close !

akistan equities plunged amid fluid security situation with index shedding over 400points to close down 4.3%. Market opened on a cautious note as locals talked of concerns over strong statements from Iranian authorities over alleged Pakistani groups' involvement in weekend bombings in the border region. Moreover full scale operation in SWA against militant outfits and closure of schools in certain parts of the country due to poor law and order situation dampened mood. Support below 9,500 was absent possibly because of brokers squaring client position due to stringent new risk management rules and apparent lack of buying interest from both local and foreign players. Today's volume leader AHSL had a wild ride at day end with stock picking up from lower lock to gain over 7.5%. Company announced PKR5.37 earnings per share for 1QFY10 in early trading beating market expectations.

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