Wednesday, November 4, 2009

Market Close ! Market gains some ground

Pakistan equities recovered some ground on a dull trading session after yesterday's losses amid weak investor sentiment and concerns on political front. Nevertheless, most equities traded in green on local buying reportedly led by State Owned Institutions that accumulated stocks on weakness. Volumes remained thin with most activity in holding stocks JSCL and AHSL that closed down as investors switched to safer blue-chip havens. Oil stocks namely OGDC, PSO and POL and index heavy financials MCB and HBL kept the index in positive territory with some interest from FII's. It is worth noting that PPL again remained a laggard despite attractive valuations, downside protection and potential upside.

With market down over 9% in the last 12 sessions and support below 9k, we expect activity to pick up with FII flows key to the short-term direction.

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