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PSX continued the strong momentum

PSX continued the strong momentum it had built mid day yesterday. KSE100 today hardly saw any pull back intra day and closed up 505 points at 44,439 (+1.15%). 


The Market is primarily reacting to absence of selling pressure from any quarter. In the current month two big drops were because of punting done by Mutual Funds against the backdrop of Ukraine situation and oil prices. In both cases market did not decline substantially afterwards for Mutual Funds to make good on the bet. Market position is not highly leveraged now. Lately 'foreigners' have been selling in 'Banks' after FATF ruling but major selling is not coming from them anymore. It is no small matter that despite PSX being a small market, the market participants had absorbed more than $440mn selling by 'foreigners' last year.

Trading  volume also increased by more than 100% on yesterday. Value traded was about 50% up.

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