Mkt, Results season near completion, E&P’s Fertz and OMC’s posting 1st qtr results that were generally better than expectations. The ongoing controversy between media houses and local props not helping sentiments, investors waiting for clarity before going long. FII’s continue to be net buyers ($46.4m; MTD), with locals primarily in the sell mode for the past few sessions. I see early signs of market bottoming out, KSE-100 to trade 22250-22500 range for today. FSL CHART ANALYSIS: NIL MARKET MOVERS: - PETROLEUM PX, OGRA sent a summary to reduced prices of summary by Pkr2.48 a litre. - IRAN/PAK, Iran likely to drop Pakistan gas pipeline project, largely due to a lack of funds for the costly project and US pressure to drop it. - RESERVES, SBP to likely buy $100m from open market to support forex reserves REGION OUTLOOK: * Asian drifting on light volume after FOMC offered a somewhat less Dovish outlook. * BOJ will hold its one-day policy meeting today and will review its economic outlook. The consensus opinion is that the BoJ will leave its current policy settings unchanged, as it did at the most recent meeting. * TODAY: Aussie September building permits at +14.4%MoM vs consensus at +2.8% & BOJ rate decision * TONIGHT: UK October nationwide house prices, EZ October CPI, US weekly jobless claims & US October Chicago PMI. Foreign Flow: Gross Buy USD5.27mn - Gross Sell USD4.36mn - Net BUY USD0.86mn
Posted on: Thu, 31 Oct 2013 04:43:01 +0000
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