ZSL, Day Wrap
Investor sentiment continues to remain fickle as a slide in oil prices was all that was required to send yesterday’s rebound back down the wall of worry, and back onto the slope of sorrow.
The 100 index succumbed to selling pressure once again and resumed its south bound journey to close down -341.06 points at 30,751.55 (1.11%) retracing bulk of the gains posted yesterday. Market participation remained low compared to the previous session posting a turnover of 105mn shares vs. 154mn yesterday. During the session WTI clocked in a new 13 year low at USD27.32 and kept the E&P sector in check. European markets also failed to entice investor’s interest and played their part in dragging the 100 index down and keeping it down for the day. Today’s significant decline came on the back of LUCK, HBL, FFC, HUBC and ENGRO.
Going forward, we would once again advise investors to try not to catch the bottom. The fact of the matter is that despite trying most people will never ever catch the exact bottom unless your intention is to catch a low in anticipation of better times in future.
Muhammad Naeem Akhtar.
Zafar Securities Private Limited.
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