The market closed down 525pts for the week at 42325. Average turnover this week was 458mln shares down 7pc WoW while value traded was Rs14.1bln down 25pc. The week started off on a weak note with the market declining as the Panama hearings began. The latter part of the week saw greater absorption of foreign outflows by local market players. Foreign outflow during the week clocked in at USD 46mln. This is easily the largest weekly outflow this year. Most of the outflow came in cement, banks and Other Sectors.
During the week Audi announced intention to assemble vehicles in Pakistan by 2018, First shipment via CPEC was inaugurated, Hyatt Hotels intend to set up hotels in Pakistan with Bahria Town, Vitol excercised its right to increase shareholding in HASCOL and the SBP identified some of the challenges faced by the economy, which include low savings and investments and falling exports.
Gainers for the week were HASCOL, EXIDE and LOADS, while INDU, ATLH, BIFO, UBL and HBL were losers.
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