Weekly Review

The market closed down only 50pts ending a volatile week to close at 30949. At one point the index was down almost 1200pts from this level, Volumes came in at 147mln shares and value traded was Rs8bln. Regional market pressure and particularly weak crude oil was the primary reason for the decline. Throughout the week China's economic malaise kept generating negative buzz at the local bourse raising fears of net foreign outflows. It was a recovery of sorts in crude oil prices that eventually led to the close on Friday of 200pts plus.

The star performer among active stocks this week was HASCOL up 13pc. PPL, OGDC, PSO, SNGP, CSAP and ATRL also ended higher by 5-8pc. PRL and NRL closed 13pc higher while ATRL also managed a 7pc gain.

The worst performer was FEROZ which closed 8pc lower.

This Week saw a net outflow of USD31mln compared to an inflow of USD1.2mln last week. Foreign flows could continue to exert pressure on the index. Volatility to continue. We recommend investors with a medium to long-term investment horizon to build positions in oil stocks,