Index closed third consecutive week down 436pts at 42642. In three back to back weeks, the market has lost 4235pts(9pc). Turnover during the week averaged 180 million shares, while value traded was Rs9.7bln. Outflow during the week was USD 9.7 million compared to USD 2million last week. In 3 weeks the outflow has been USD 43 million.
A weakening external account, and a ratcheting up of pressure by the US administration, on Pakistan, has hurt investor sentiment considerably.
SHEL, PAEL, DFML, LUCK, AKZO, DGKC, ACPL were the worst performers for the week among actively traded stocks.
Best performers were, PPL, UBL, POL, HMB, BAHL, ATRL, INDU, PSMC and EFERT.
Cement stocks were the worst hit over capacity fears.
We expect the market to start finding support at lower levels.
the kse 100 index closed down 2210 points for the week at the 43000 mark. This is on the back of a 1589 point loss last week. Average turnover was 183 million shares almost level with 189 million shares last week. Value traded was Rs9.8 bilion . This is the lowest closing this year. Intraday index made a low of 42347 points. Political tension and uninspiring earnings announcements were responsible for lackluster performance, in addition to outflows both foreign and local.
Worst performers during the week were PAEL, DFML, SSGC, EPCL, EFOODS and SEARL.
The market has now reached levels at which dips should encourage selective buying by investors.
Net outflow during the week was USD 2 million compared to and outflow of USD 31 million last week
The KSE 100 index closed down 1050(2.2pc) points at 43136. Turnover was on the lower side at 167 million shares, while value traded was Rs 8.8bln. We believe that, disqualification of the Prime Minister, has buttressed the continuation of the current democratic dispensation. Coupled with this, values have opened up with stocks trading below historic PE multiples. External account weakness and capital outflows, have cost the index 10000 points, from its peak of 53000 in May. In addition to this corporate earnings haven't given cause for a lot of excitement The market has lost 4673 points since the start of the year. This is almost 10%. Todays outflow was USD3.2mln.
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