Weekly Review

The index leapt up by 3.6pc to close 1255pts up at 35974. Intra day the market managed to breach 36000, only to fall prey to profit selling. This is the biggest weely gain for the market in over the last 6months. In perspective the index gained 1580pts in all of April. Most of the weeks gains came from Banks, E&P's Cements and Fertilizers , though price performance was skewed towards a few scrips. Mari rose 12pc, OGDC 6pc, MCB 8pc, LUCK 10.4pc and FFC 4.6pc and Engro 4.5pc. Refiners lost ground this week with Byco losing over 4pc for the week.

ISL was the top performer among active stocks picking up a robust 18pc. ATRL and BYCO were the worst losing 3-4pc.

Activity was largely concentrated in scrips thought ready for inclusion in MSCI.

The market will likely see consolidation at these levels with bouts of profit selling.