The market rose over a 1000pts this week to close just shy of the 43000 mark at 42849. Avg volumes were 465mln while value traded was RS 18.6bln compared to Rs 16.2 bln last week. During the session it saw an intra day high of 42950. Today's session was volatile with the market opening lower by 200pts before recovering it's losses during the course of the session. The week saw an outflow of USD27mln in sharp contrast to last week's inflow of USD21mln. Outflows were concentrated in Other, Cement and Oil and Gas marketing. Local investors lapped up stocks with news local newsflow proving to be an effective counter to the surprise election of Donald Trump in the US. The early part of the week saw significant volatility with the index crashing to over 700pts before recouping almost all its losses. Positive cement sales numbers encouraged support in cement stocks. KOHC, MLCF, PIOC, DGKC all did well this week. Overall newsflow regarding Pakistan's economy was positive and helped sentiment. The World Bank said Pakistan recorded the highest economic growth in 2016 in eight years and will continue to gather pace by 2018.
At its current clip, we expect the market to test 43000 next week.
0 Comments
Leave a Reply. |
Archives
December 2018
Search Market View
|