Market close

Pakistan equities traded range bound with low volumes on lack of interest and subdued FII activity. Evidently, market wants to wait out outcomes of Supreme Court hearings against NRO beneficiaries that include senior politicians holding key positions in the current administration. JSCL and AHSL led the volumes chart with the later gaining from announcement by Fatima Fertilizer (AHSL holds 24%) production commencement this month. HUBC attracted attention as company achieved financial close of its 84mw Hydel power project, closing +1%. Silk Bank also traded high volumes closing at upper lock as bank announced 313% rights issue at PKR2.5/sh. Major losers for the day include MCB, PSO, UBL and OGDC all trading pitiable volumes.

We remain optimistic on the market and expect better volumes in the coming days betting on better political climate and improved security situation.