The index lost 2000pts in November to close at 32255 down almost 6pc, erasing all of October's gains. Average daily volumes were almost level with October at 171mln shares but value traded was down 15pc at Rs 7.6 bln. Trading was listless with second tier stocks dominating trading volumes for most of the month. Newsflow was largely meager. Dominating market sentiment was the net outflow number of USD 52.8mln. October's outflow was USD 47mln. We believe foreign flows will continue to dictate market activity thru December with the US Federal Reserve rate decision looming, and influencing sentiment in regional markets.

Among active stocks the only winners were SSGC, Mari, Pak Refinery and Ghandara. Everything else lost value. Cements, Fertilizers, E&P's and Commercial banks remained under substantial pressure. Worst performers were Pak Elektron, SNGP, DGKC, Byco, Efert, Lucky and OGDC.

Bright spots during the months were Ghandara Industries , AKD capital and Associated Services increasing 60 to over 100pc.

Losers were Sapphire Fibres, Pak Elektron and Al shaheer.

The index declined by 700pts to close -2.14pc at 32255. Volumes were 143mln shares and value traded was Rs.6.9bln. This is the largest fall in a single day since the beginning of this quarter. Continued foreign flows coupled with low buying interest put pressure on values. Today's net outflow number was USD 8.1mln. Taken together with the outflow of 6.3mln on Friday that's almost USD15mln in two days. Further political rumblings kept buyers at bay.

Out of the top 30 most actively traded scrips not one managed to close up. Pak Elektron, TRG, DGKC, OGDC, SSGC, PSO, SNGP, MCB, Maple leaf cement and NBP were particularly hard hit closing down 3-5pc. Going forward the index could see support at the 32000 level.

The market closed down 900pts for the week down 2.7pc. Avg volumes fell almost 20pc to 143mln shares while value traded was stable at Rs.6.6bln. Taking last weeks 288 pt decline into account the market has lost 1200pts in the last fortnight. Fridays net foreign outflow of USD 6.3 mln took this week's tally to USD13.1 mln. Last week's outflow was USD15.9mln. Out of this week's most actively traded stocks only two, Mari, SSGC and Ferozsons closed up. All the other stocks ended in the red.

Monetary policy status quo last Saturday sent the market into a slide, with no other positive trigger in sight. There wasn't much positive news during the rest of the week also.

In corporate news EPCL announced it might be taken over. Mobilink announced its merger with Warid Telecom. Fatima fertiliser stock came under pressure this week on news of a sales tax issue. A clarification from the company didn't do much to help arrest the stocks slide.

Continued foreign outflow doesn't bode well for the market. Fridays volume of 120mln shares was well below the average volume for the last two weeks. The market could find support at 22500. Declines on low volumes can reverse quickly.

USD3.3mln