Market close

Pakistan equities witnessed highest volumes since November last year and closed up on the third consecutive day on improved confidence driven by foreign buying. Some profit taking was seen mainly in oil stocks with the exception of index heavy OGDC as many local institutions continue accumulation possibly trying to catch up to market performance. Financials attracted interest after underperforming for last two days led mainly by UBL, with reports of foreign activity in MCB and NBP. Other gainers include LOTPTA on earnings expectations, AICL and SNGP.

Renewed local interest ahead of result season and FII buying post holidays is likely to keep investor's outlook positive. We expect market to continue to track foreign flows however look at some hiccups as investor's book quick gains