Market Close !

Equities continue to remain positive putting aside some political noise being raised by opponents criticizing the Kerry Lugar Bill but cheered the possible introduction of a new leveraged product. Once again like yesterday, heavy buying in OGDC pushed the index past 9800 levels, with locals remaining confused on the short term direction. Foreign flows seem to be maintaining the momentum that is pushing stocks close to 10,000 level.

The most interesting event today was the media interview of Mr. Mian Mansha, Chairman, Nishat Group (MCB, AICL, DGKC, NML and NPL) at the stock market floor. He mentioned the RBS deal and hitches that have cropped up since they had bid for the Pakistan operations and has hinted at a resolution soon.

Besides, he stated that the business community if allowed can attract more funds than the Kerry Lugar bill, which seems to be a direct attack on current Government policies (possible attack on the RPP's policy).

With locals either sidelined or net sellers, the market remains in the grip of some large individuals who are contributing to 10-20% market volumes. We maintain a cautious view, although we feel it will peak at 10,200 levels, probably this week.