Weekly Review

The Market closed down 1015 pts or 3pc for the week all but wiping out last week's 1200pt gain to close at 31464. Volumes came in at 140mln shares and value traded was Rs8bln. Pressure was evident across major sectors and companies. Even the cement sector slid 3-6pc this week. Fertilizers, banks and refineries witnessed declines. Fatima, Bank alfalah and OGDC were among the worst hit falling over 7pc. Pakistan Oilfield was a surprise winner rising 7pc over its better than expected earnings annoucement and dividend payout.

Weak crude oil prices and a global stock rout are putting pressure on the local bourse. Top news during the week was the successful completion of IMF review and conclusion of a contract for LNG purchase with Qatar. A slew of big earnings annoucements are due next week. Weak sentiment on future corporate earnings growth is influencing investor sentiment.

Outflow during the week was USD17.3mln. Last week's number was USD2.15mln. Average daily outflow during Jan-16 was USD 2.5mln while daily outflow during Feb is USD2.16.