Today's Market

The KSE100 closed down 272pts for the week losing 0.8pc of its value. Volumes were low with Fridays turnover the lowest this quarter. Average volume this week was down 23pc compared to last week while value traded was down just 2.25pc. The market opened weak on Monday, only to recover with E&P's companies leading the charge on news of a major find for PPL. The US Federal Reserve decision to hike rates was largely taken in stride by regional markets as well as KSE. The last trading session saw profit taking in oil stocks and a big dent in HBL after news of action by US authorities over noncompliance of money laundering regulations at its New York Branch. Habib Bank cost the index half of its 332pt loss on Friday. Combined value traded of just HBL and Mari was Rs.2.8bln or 30pc of total market value traded on Friday.

Mari and OGDC occupied the top traded stocks by value this week. The 6th, 7th and 8th position was occupied by ATRL, PPL and HBL. This is why value traded this week was unchanged even though volumes were substantially lower. Outflow this week was USD10.2MLN, level with last week. Going forward Pakistan's possible inclusion in MSCI emerging markets could be a catalyst for a rerating.

Mari,and PPL were the top performers this week both gaining around 8pc. TRG, SSGC, SNGP, Ghandara Nissan and Mughal were the worst performers among actively traded stocks. SSGC lost 9pc and SNGP lost 12pc.