Weekly Review

The market continued its strong run up rising 1200pts to close at a historic 46585, after a massive 2117pt increase last week. Turnover was down 9pc at 357mln shares, while value traded was up 7.5pc at Rs 19.9bln. Higher oil prices, born of unprecedented cooperation between OPEC and Non OPEC countries infused optimism in E&P sector. Also instrumental was musings regarding repricing of Sui lease for PPL. The stock was a top gainer this week. HUBCO moved higher after a resolution regarding its twin coal fired projects appeared to be on the cards. PSX divestment entering final phase, has also impacted sentiment postively, partly because of optics and partly because of the expectation of access to greater liquidity as a consequence of the deal. The market has put on close to 4000 pts in the last 11 consecutive sessions, making it a historic rally. we expect the market remain higher though we highlight likelihood of some consolidation. Outflow during the week was USD46mln.