June Review

The market rose 1721pts (4.8pc) to close at 37783. Turnover fell 33pc to 172mln while value traded fell 10pc to Rs. 10bln compared to May.

MSCI EM inclusion for Pakistan turned out to be a postive event with the index rising by the highest points since Mar 16. Some gains were lost however with the surprise exit of Britain from the EU. Investors were fearful of the fallout on emerging markets. However as these fears receded, the market covered some of its losses. 

NRL, HCAR and FATIMA were the top performers for the month while RMPL and WYETH were the top losers.

The market found support from banks and cements, while Oil stocks took a breather, with crude oil prices resisiting USD50. 

Flows during the month were USD 74mln, while in May they were USD 3.6mln.

Going forward the market should continue to gain, with investors keeping a close eye on quantum of foreign flows and domestic political noise after Eid.