This year the 100 index has been going up and down with no commitment to a move in any particular direction, making it safe to assume that in a nutshell the market performed sideways. Today’s move was also a part of that bigger picture. Towards the end the 100 index managed to close up 173.29 points (+0.53%) at 32,674.
E&P retraced intraday gains following more than 2% decline in international crude oil prices from its close at USD38.10 before the weekend
Market participants also rejoiced PM Nawaz Sahrif’s announcement that Pakistan will cut power tariff for factories by PkR 3/Unit. FFC staged a decent comeback after a disappointing outgoing week and contributed 69 points to today’s gains.
We remain skeptical with respect to potential sustainability of today’s gains. We recommend sticking to sidelines till some direction is in sight.
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