The KSE100 closed another week in the red, ending down 526pts(-1.1pc), to close at 46332. During the week the market made a low of -1944pts, recovering 1418pts on the last two days of the week, ahead of long Eid vacations. To date the index is still 1500pts down for the year 2017. Sharp fall opened up values which set up a decent pullback. Investors scooped up blue chips at lower levels. At one point the market was down 15pc from its peak in May 2017. Net inflow of USD9.1mln helped the market recover losses. Last week saw net outflow of USD9.5mln.
Turnover during the week averaged 274mln shares, up 7.5pc. Value traded was Rs12.9bln, up 20pc.
Steel sector notched the best performance this week. Cements also bounced back nicely. Banks gained marginally while oil stocks suffered from renewed crude oil weakness.
NML and AKBL were standout performances during week, among actively traded scrips. NML gained after it got approval to set up automobile assembly plant. TRG, AVN, ASL and BOP were the worst hit.
Top decliners were UPFP, HINO, PSEL, GHNI, FEROZ, NATF and PKGS.
We expect volatility to persist, pending resolution of JIT investigation against the PM's family.
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