The market opened negative on Moday after Eid holidays on low turnover unnerved by reports of NAB inquiries against big players. The fall accelerated on Tuesday on relatively higher volumes on regional market selloff concerns and fear of a spill over effect on local stocks. However stability returned with news of the SECP clarifying scope of broker investigations and regional market stability. Successful completion of the IMF review led to disbursement of the due tranche and a Eurobond transaction by GOP was concluded. CPI numbers coming in at 1.32pc kept hopes of a further cut in interest rates in the next monetary policy statement due November alive. Saving scheme rates declined during the week.
International crude oil prices resisted fresh declines. US rig count numbers are due later on Friday. E&P companies have received a major drubbing this year.
MLCF, TRG, PAEL and HASCOL were the major movers among the most actively traded stocks by value.
PIBTL was down 5pc for the week. SSGC and SNGP lost 3.5pc and 1.5pc respectively. BYCO was down a percent for the week.
The market is likely to focus on political developments in the coming week. Quarterly earnings should give investors a cue to market movements.
The KSE100 index closed up 213pts on Friday up 0.5percent since last week. Average daily turnover and value traded were up 40pc week on week. Turnover was 178mln shares and value traded was Rs 7.9bln. Top weekly losers were PNSC and Otsuka down 13 and 11pc respectively. The market seems to have recovered from the pre eid spell of weakness on light turnovers.
Foreign investors registered net inflow of USD 0.2Mmln for the week. USD 1mln worth of buying occurred in the last of trading.
WEEKLY VOLUME LEADERS
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