The market this week

The KSE 100 closed down 288 pts for the week -0.8pc. Volumes fell 5.5pc to 175mln shares and value traded was down 12pc to Rs 6.6blm. The market opened weak in the aftermath of the Paris attacks, in line with regional markets though the fall wasn't extended. There was a bit of recovery the very next day and after that it was 2nd tier stocks all the way, dominating proceedings. The fall was more a case of foreign outflows putting pressure on the index and buyers remaining on the sidelines. Were it not for 2nd tier stocks volumes would have put up an even weaker showing, Outflow during the week came in at USD 15.8mln, up from USD 5.6 the week before. Market expectations from monetary policy tomorrow are largely status quo. A cut could bolster sentiment.

News of no extension in PPL's Sui lease put pressure on the stock ending the week down Rs2.29. OGDC ended down Rs 5.97for the week -5pc, weak crude oil prices and selling weighing it down.