Weekly Review

The market ended the week more or less sideways, up 148pts after last week's considerable rally. Turnovers averaged 294mln shares while value traded was Rs 11.2bln. Volumes were up a hefty 23pc but value traded slipped almost 12pc, due in part to the heightened activity in small cap stocks. During the week the government successfully completed its review with the IMF and 2 stocks, PIBTL and HCAR. Crude oil prices remained firm lending support to oil sector companies though E&P's largely held onto their gains over the past few weeks. 

Among the big cap stocks E&P's and HUBCO put on 2-3pc. 

Among volume leaders the movers were DCL, PACE, DOL, JPGL, DSFL and ASL, running up by 13-20pc. 

Going forward we believe political headwinds regarding the Panama leaks affair and foreign outflows could keep the index volatile. This week's outflow was USD12.7mln compared to inflow of USD21mln last week.