Market Close !

Market opened with suppressed activity as investor sentiment was weakened due to yesterday's terrorist attack in the border city of Peshawar. POL was the star performer of the day. News of commencement of production at TAL block after fears of delays revitalized interest in POL. Although this benefits the E&P sector overall, POL remains the key beneficiary due to its relatively smaller production base. This news kept the stock firm despite broader market selling pressure. OGDC 1QFY10 result announcement was disappointing down 36% YoY, EPS PKR2.81, and below market expectation. A PKR1/sh cash payout gave no respite as market anticipated a PKR1.5/sh payout by the company (OGDC down 3.3% at close). Other major losers included PPL, MCB and HUBC with local institutions selling possibly to meet redemption requirements.

As the result season draws to a close, equities seem to be devoid of any major triggers. However some key results such as PTC, NBP, LUCK and PPL are still due and will be important for market direction in the coming days.