It was an uneventful week at the KSE shortened by Eid vacations. The KSE 100 closed almost level for the week at 32822. Average daily volume for the KSE 100 stood at just under 110mln shares. Foreign investors selling a little over $1 mln during the week and little buying interest seems to explain market movements during the week .
BYCO, SEARLE, SSGC, TRG were at the top of the list of heavily traded shares that gained on the exchange this week. Among cements MLCF, DGKC, and LUCK all ended higher for the week. DGKC announced its annual results this week which were largely in line with market expectations. OGDC and PPL suffered the most amongst the heavily traded stocks.
Top gainers for the week were PICIC Insurance at 20%, Capital Assets Leasing at 16%, Crescent Modarba at 15% and Engro Polymer at 13%. Declines were lead by SFL at -42%, ILTM at -41%, SHEZ at 29% and POML at -26%.
After the eid vacations we expect the market to put up a better showing as volumes pick up. With result season around the corner the market should stabilise with a focus on cements, IPP's. Our picks include DGKC, LUCK, HUBCO, PPL, OGDC ENGRO and EFERT. With oil prices stabilising E&P companies should perform better.