The market closed down 368pts this week on average turnover of 321mln shares and value traded of Rs 14.5bln. Turnover was down 10pc WoW while value traded sunk by 18pc. Fluctuation during the week was 1120pts. The Panama Case and regulatory action against brokers saw volumes peter out. Strict enforcement of no debit balances saw the market struggle to find fuel for a rally.
SNGP, ENGRO, SSGC. MTL, PIOC were winners for the week.
ISL, ASL, POWER, DCL, HASCOL, BOP, DSL, GGL sank during the week.
During the week BAFL announced full year EPS of Rs4.96, HUBC declared Rs3.23 half yearly EPS with a payout of Rs1.35 and NML declared half year EPS of Rs7.25. SNGP declared a solid Q2 EPS of Rs3.4.
We expect the market to consolidate at lower levels pending some respite on the regulatory front.
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