The market closed up 1144pts or 3.6pc for the week, casting aside negative sentiment, to close at 32428. It was upbeat all the week closing all sessions in the black. Turnover was almost level with last week at 131mln shares, and value traded was up by12pc at Rs.8bln. Stronger performance by regional markets and upbeat crude prices remained a strong drive for the local bourse. News of a foreign company acquiring Efoods led that company as well as Engro Corp sharply outperforming the market and ending higher by 17pc and 13pc respectively. The government could raise margins for OMC's supporting their share prices. Strong cement sale numbers bolstered that sector also.
Foreign inflow for Friday was USD3.5mln while for the week it was USD-1.6mln. Outflow during last week was USD4.8mln. Should flows reverse, they would e doing so for the first time since June 2015. For eight consecutive months now foreign flows have been negative.
Banks, Oil, Cement, and Refiners all ended the week higher. Other than Engro and Efoods, Mari and Al Shaheer finished the week strongly rising in excess of 10pc.
Going forward the market will look toward monetary easing for support to sentiment.
Search Market View