Market Summary For 20 June 2017

Today’s bloodbath brings June’s losses to over 11%
The market continued its decline from yesterday today and remained under pressure throughout the session. The KSE-100 index closed at 44,981 pts after shedding 1,612.52 pts, which brought the return in June to negative 11%. The decline was partly due to (i) reported selling by mutual funds in the wake of redemptions, (ii) news that the Supreme Court has ordered investigation of Chairman SECP due to accusations of record tempering, and (iii) news that the US Administration is looking to harden its approach towards Pakistan to crack down on home-based militants. Selling prior to the extended holidays and the approaching JIT’s recommendation’s deadline added to the negative sentiment. BYCO outperformed the market once again as the company plans to restart its oil refinery next month and it also plans to add ~50 retail fuel stations annually for 3-5 years from current ~300.
Recommendation and outlook: 
We expect the market to be slightly positive in tomorrow’s session 
Events ahead: 
Banking Spread Data (June 23, 2017)
Fertilizer Offtake (June 29, 2017)

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