The Market shot up this week by 2.9pc, up 980pts to close at 34719. Turnover averaged 242mln shares while value traded was Rs.11.76bln. Volume was almost level with last week while value traded rose 18pc.. Gains this week were led by Oil and Gas sector and Banks. OGDC ended its underperformance in the past few weeks with a solid 10pc gain while PPL and POL gained 4-5pc. HBL rose 8pc and MCB 6pc. Banks benefited from a lesser quantum of foreign outflow while the oil sector go support from firm crude oil prices. In addition to this small cap stocks saw price performance and improved activity. This weeks rally was broad based across sectors and big and small cap stocks.
Volume leaders for the week were, SNGP, DFML, TRG, PAEL and TELE. SNGP has of late seen a resurgence on the back of investment buildup in LNG projects. Fertilizers saw support after news broke of reduction in GIDC for older plants. FFC was down just 1pc for the week.
Among actively traded scrips the top performers were ISL up 15pc and PKGS and NML up 11pc each. NML saw increased interest due to better than expected earnings.
PSMC, SYS HUMNL and NESTSOL were the worst scrips losing 5-6pc.
The index has notched another solid 4.7pc gain for April, following a 6pc gain in march bringing the total gain to 10.7pc. Further runup in the index will have to be based on additional triggers as earnings season is over. As always the market will keep a close eye on quantum and direction of foreign flows.
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