The Market in November

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.