Weekly Review

The market closed down 473pts on Friday ending almost a percent down for the week, to close under 37000. Sentiment was hit by profit taking before the potential reclassification to MSCI EM. Additionally, foreign flows turned negative on Thursday. Volumes have halved this week with investors opting for a wait and see approach. Jitters regarding MSCI reclassification have also hurt bulls.

This week's winners were PPL, HCAR and NRL. PPL rode a wave of optimism post its Sui lease renewal and improved prospects vis a vis maturing of discoveries amid crude oil surge. HCAR benefitted from the annoucement of the Honda Civic.

Engro announced sale of a 24pc stake in EFERT in a deal seen largely positive for ENGRO.

FCCL took support from the battering it received because of damage to its plant and ended 2pc up for the week.

The broader big cap market retreated from all time highs shedding 2-4pc.