Grim Activity continued at the local bourse.  Lack luster volumes of only 1.256 million. CFS investment has now shrunk to new low of 12.866 billion rupees with annualized averge rate marching as high as currently at 65.60% foreigners today also refused to take any position as their net position remained nil on both buy and sell side.

Technically market is maintaining its strong bearish downward trend.

Recommendation: Sell as unfortunately you don’t have the permission to short!

Internationally:

Stocks Swing Higher in See-saw Action after Rate Cuts. Oil down after surprise jump in US crude supplies.

Rumors:  

• Strong rumors of small and medium local commercial banks going for default created panic amoung depositors as they opted to withdraw there money. Later SBP press released clear all rumors from freezing of foreign currency accounts to restriction of acess to lockers along with followup by newly elected advisior to prime minister on finance Mr. Shuakat Tarin.
  
• Severe Liquidity is casuing concerns in inter bank market.

Good News: 

• Tax collection is up 23 % compared to last year.
  
• Cement exports are up 60% while domestic sale is down 15%