Weekly Review

The market closed up 676pts this week to close at an all time high of 43000. Turnover was 475mln shares while value traded was Rs15.4bln. So far this month the market has picked up a solid 7.5pc this month, that too in the face of an outflow of USD92mln in November. Outflow for the week was USD36.7mln. Winners this week were textiles in anticipation of a package which will hopefully stimulate sagging exports. ACPL and BWCL did well among cements rising in double digit percentage terms. FFL also performed this week. Oil stocks also supported the index with crude prices rallying during the week in anticipation of an OPEC agreement to cut output. OGDC during the week hits milestone in oil production of 50000 barrels per day.

Saturdays monetary policy annoucement will be keenly watched while the market is like to test further highs next week.