Today's session was volatile, with the KSE 100 index hitting - 500 points intraday, but closing 8 points plus, at 40733. Turnover was 138 million shares and value traded was Rs 6.2 bilion. The market spent most of the session in negative territory, after DG Khan cement announced quarterly earnings of Rs 6.5. cement stocks closed sharply higher from their lows of the day, as the market struggles to gauge the extent of impending over capacity.

Today's top scrapes by Value traded were, EPCL, DGKC, PAEL, LUCK and ATRL.

Top performers among active strips were EPCL, LUCK, DGKC and MUGHAL. Worst performers were INIL, DFML, GGL and FEROZ.

We continue to think that values have opened up and positive news flow could trigger a rerating.

KSE100 index closed down 1466 points for the week at 39846. The index is now down around 8000 points or 16.5% since the start of the year. The market meltdown continues unabated bringing up the lowest closing for this year and more importantly below the crucial 40000 mark. Political risk has widened with civil military tensions coming to the fore. The Index has lost ground now for four consecutive weeks. Average turnover was 146 million shares while value traded was rupees 6.25 billion.

Foreign inflow during the week was USD 39 million compare to and outflow of USD 9.7 million last week.