Weekly Review

The market closed down 462pts, following last week's 428pts gain, at 39465. Turnover rose 60pc to 369mln shares while value traded rose 25pc to Rs 12.7bln. Benign inflation numbers did little to lift sentiment. Reversing flows and sharp runup in the index in the last couple of months continue to weigh on sentiment. Weakening crude prices and heightened international market concern regarding the future of US interest rates as well as Brexit could raise volatility at PSX by influencing all important foreign flows.

Cements and Oil companies remained under pressure. Cements on account of expansion plans by most players and Oil and gas on account of weak oil prices.

HINO, ATLH, HCAR were winners at the exchange with gains of 10-15pc. FEROZ and PIOC were losers down 20pc and 10pc.

Foreign flows during the week were USD-3.3mln compared to an inflow of USD1.8mln last week.