Equities opened upbeat as market reacted positively to Supreme Court's decision to declare NRO null and void, thereby opening pending cases against politicians. Locals showed keen interest mainly in Oil stocks in early trading. However, profit taking at day end wiped away early gains with market closing marginally negative. Interestingly, top volume leaders of the day comprised of second tier stocks with PACE, BOP and BAFL leading the volumes charts. Financials and oil stocks took a breather amid low volumes after rallying in the last three sessions with POL and NBP among notable losers for the day.
Although decision to declare NRO null is viewed as positive since it propagates transparency in the judicial system and improves confidence, it could very possibly lead to some political tensions and tussle between opposition and the ruling party. We reiterate our positive outlook on the market ahead of the year end but do expect political developments to remain in focus in absence of major economic triggers and corporate news. Like MCB, ENGRO & PSO
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