Weekly Review

The market closed up 282pts up almost a percent for the week. Average volumes were 138mln and value traded was Rs6.2bln. Outflow during the week was USD4.8mln. Last week it was USD 13.2mln. Lower outflows helped the market recover it's losses in the beginning of the week. Oil price stability kept the oil sector from losing further ground which added to the support the index found during the latter part of the week. Oil, Fertilizers and refiners rallied this week. Fertilizer recovered from a drubbing last week.

OGDC and POL put in 7pc and 5pc gains this week. Hascol was up 10pc. Fatima and EFERT were up 5pc each. FFBL rose 6pc. NRL, PRL and ATRL put in marginal gains of 1-3pc gains. The two Suis were up 3-4pc. SEARL, the Ghandaras and MARI were the main losers among active stocks.

JSCL was the top performer this week rising by 11pc.

News of the PSX intention to lobby for emerging market status from MSCI will give confidence to bears and perhaps stanch foreign outflow that has cast a pall over the market.