Monday, October 19, 2009

Market Close !

Pakistan equities closed last day of the week on mixed note spurred by profit taking possibly because of a fluid security scenario. Stocks gained in early trading on KLB Bill signing by President Obama with an explanatory note pledging USD1.5bn/yr for next five years. Midday was marred by another terrorist attack in provincial capital Peshawar that led to a drag on the benchmark index. Moreover, debate on NRO which commenced today and compels the sitting Government to get it approved by the legislators (NRO allowed politicians including the sitting President immunity on corruption cases) led to cautious trading.

Announcement of key result dates kept blue chips in limelight with AHSL leading the volumes chart (board meeting later today with results expected on Monday). Oil stock facing brunt of selling with yesterday's star OGDC taking the hit as in the case of PPL with locals trimming positions ahead of the weekend. With earnings season in full swing next week, we expect market to remain volatile with index testing highs. Financials are also likely to see some interest with strong rumors of State Banks circular on bad loan relaxation doing rounds.

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