Contrary to the market, late buying in telecom giant PTCL kept closing in the positive. Interestingly the last 15 minutes saw 15mn shares switch hands out of the total 22mn traded all day indicating last minute buying and signalling a strong interest in pumping up the stock. Otherwise, most stocks edged lower with OGDC falling after gaining massively over the last few days. In our opinion foreign interest was low today probably sending locals to book some quick gains.However there were market whispers of some foreign funds accumulating PPL and NBP.
We expect the sentiment to remain positive going into next week as foreign funds remain net buyers. We expect the market to test the crucial 10k levels and breeze through quite easily led by financials and oil stocks. More interesting will be the first IPO of 2010, through the dutch method,for the much trumpeted Fatima Fertilizer issue of 200mn shs.
No comments:
Post a Comment