Pakistan equities witnessed volatile trading closing the day 1% down. Market opened on a positive note but index soon slipped in the red amid news of fresh attacks on military personal and Supreme Court in Islamabad. Precarious security situation and fear of FII outflow led to panic selling that dragged index below the key 9000 level intraday. Late buying mainly spurred by talk of large State Owned Institutions activity covered some of day's losses with oil stocks pushing index up above 9100. MCB faced the brunt of selling with stock closing 2.3% down despite +2%YOY expected earnings tomorrow. PSO will also announce its 1QFY10 results tomorrow where we expect PKR15.3/sh and cash payout between PKR3-5/sh.
We expect market to follow developments on the army operation in SWA and remain sensitive to law and order situation and FII flows
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