Weekly Review

The market ended the week up 227pts or 0.7pc at 32669 slowing from a 1144pt increase last week. Average turnover was up 33pc at 175mln shares and value traded was up 12pc at Rs. 9bln.

The week opened on a strong note on news of foreign buyer for Efoods and buying in fertilizer stocks. Later in the week momentum was lost. Fertilizer stocks lost ground due to more than expected drop in urea sales. The banking sector bore the most brunt of foreign selling. Turnover during the start of the week almost doubled before receding to lower levels towards the end.

Steel stocks ASTL and ISL rose 3.7pc and 5pc on news of the government mulling duty on importing steel.

Volume leaders for the week were TRG, JSCL, DCL, PAEL and SNGP.

The top performer for the week was ACPL which rose by 12pc.
TRG, CHCC, PTC, FFBL, EFOODS and PPL rose by 5-6pc..
DAWH and Noon Pakistan were the worst performing stocks for the week.

UBL and HBL closed down over 3pc during the week. MCB gained 3pc.

The market found support in oil stocks with PPL rising by 5pc and OGDC and POL going up by 3.5pc.


Cements largely remained unchanged with the exception of Cherat Cement which climbed 5pc.

BYCO and PRL closed up 4.5 and 3pc.

Net inflow during the week was USD4.1mln while outflow last week was USD1.5mln. Friday's outflow along was USD4,2mln. Market will continue to be influenced by the direction of foreign flows. International crude oil prices could offer support to the index going forward. Upcoming monetary policy could offer a trigger in case of a rate cut.