Weekly Review

After 3 weeks of consecutive gains the market closed down 200pts(0.5pc) at 33767. Turnover averaged 190mln shares while value traded averaged Rs.8.65bln . Both were down 30pc and 18pc respectively. The index has found resistance at the 34000 level with concern growing over the possible fallout of the panama leaks scandal. However quarterly announcements could provide a trigger for selective rallying.

Refiners were decidedly positive for the week on better than expected announcements from Attock Group Companies. NRL gained 12pc, BYCO almost 10pc.

Cement stocks ended lower for the week on profit selling after a good runup in the last few weeks.

Oil Stocks were generally unchanged with the exception of POL which climbed 8pc.

SSGC, PIA and HINOON lost around 7pc. PAKCEM lost 6pc.

Meeting of OPEC countries in Doha could set a direction for crude oil prices and provide support to the oil sector stocks. Given political noise, the market could experience volatility.