June was a particularly devastating month for the KSE100, recording a 4026pt plunge. Average volume tumbled 25pc to 256mln shares, while value traded fell 35pc to Rs12.7bln. Weakness in crude oil prices, the rising spectre of political uncertainty over the Panama JIT, and rising current account deficit took a heavy toll on investor sentiment. Inflow during the month was USD7.9mln compared to an outflow of USD141mln last month.
Worst performers were ISL, SNGP, DFML, DSL, TRG, ASL
EPCL was the top performer 16pc. HBL, UBL, MLCF, FATIMA, NPL also out performed the market.
E&P, Oil Marketing, Refiners and Steel were worst hit. Banks, Cements also declined but less so.
We expect the market to take support once the Panama issue concludes and earnings season kicks off.
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