Weekly Review

The market ended a volatile week down 550pts to close at 49376. Turnover during the week was down 15pc at 353mln shares while value traded was down 6pc at Rs17.6. During the week the index hit a high of 50322 and a low of 49097 bringing total fluctuation of 1225pts. 

Pressure built on the index due to sustained selling over the 50000 mark, brokers troubles, pressure in steel stocks over impending litigation over anti dumping duty and on the last day of trading a lower than expected dividend announcement by ENGRO.

TRG, ISL, AKBL and FEROZ were the worst hit stocks among active scrips, declining over 10pc.

GAIL, POWER and GGL were the best performing.

On a positive note, flows during the week remained positive at USD4.3mln. Last week inflow was USD5.3mln.

​We expect the market to remain volatile with significant resistance at the 50000 level.