Hells Bells!!!

“I'm rolling thunder pouring rain. I'm coming on like a hurricane. My lightning's flashing across the sky. You're only young but you're gonna die. I won't take no prisoners won't spare no lives” – Hells Bells (AC/DC).

This is what we feel about the market where the Index was thrashed across the board on low volumes. The 100 index closed down 946.60 pts (-2.79%) at 32,944.48. The onslaught continues as the market bowed down to the bear spell, foreign funds seem to be on the top where locals took a back seat and remained spectators. Rumors still hanging tight that bigger names are on the list of investigation by the regulators; nothing confirmed but by the face of the Index it seems something could be brewing. Amongst market movers OGDC, PPL and ENGRO contributed a total of -173 points.

As fear of the unknown continues we are of the opinion that index can further slide if clarity on this ongoing rumor doesn’t come out of the closet. Caution is required for day traders but having said value should be taken into consideration by institutions.