The market took a breather closing up just 50pts for the week at 46634, down from a peak of 47210. Volumes turned lower at 336mln shares reaching a 4 month low while value traded for the week was Rs 17.2bln. PIBTL closed over 10pc lower WoW upon announcing delay in commercial operations and a rights issue. ATRL, PSMC and AICL performed during the week.
Closure of PSX sell off deal has brought about a pause after a particularly sharp run up. We expect focus to shift to upcoming earnings. Net outflow continued at USD45mln this week. The last seven consecutive weeks have seen a cumulative outflow of USD262mln.
The market closed down 294pts at 46700, off its highs. Turnover and value traded were lower at 270mln and Rs 13bln. A sharp runup in recent days has given way to a healthy correction that could set the stage for future gains. PSX divestment culminating today in a Rs 28 bid underlines fundamental strengths in Pakistan's economic story. PIBTL was the top stock by value recording Rs 1.3bln value traded. It announced a 17pc rights issue thereby suffering investor ire. We expect the market to remain focused on upcoming earnings and future sectoral strength in cement, autos and steel.
The market continued its strong run up rising 1200pts to close at a historic 46585, after a massive 2117pt increase last week. Turnover was down 9pc at 357mln shares, while value traded was up 7.5pc at Rs 19.9bln. Higher oil prices, born of unprecedented cooperation between OPEC and Non OPEC countries infused optimism in E&P sector. Also instrumental was musings regarding repricing of Sui lease for PPL. The stock was a top gainer this week. HUBCO moved higher after a resolution regarding its twin coal fired projects appeared to be on the cards. PSX divestment entering final phase, has also impacted sentiment postively, partly because of optics and partly because of the expectation of access to greater liquidity as a consequence of the deal. The market has put on close to 4000 pts in the last 11 consecutive sessions, making it a historic rally. we expect the market remain higher though we highlight likelihood of some consolidation. Outflow during the week was USD46mln.
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