Weekly Review

The market closed down 174pts for the week at 41291. Turnover averaged higher at 471mln shares compared to 400mln last week while value traded was Rs 14.7bln compared to Rs 13.8bln last week. Trading was volatile, marred by political uncertainty, opening weak at the start of the week. The only support came when a provincial government organization intended to inject substantial funds in the equity market. However the last day of the week resumed bearish sentiment with net outflow once again clocking in at over USD 8mln compared to a less substantial outflow last week.

Banks, Textiles and E&P's edged higher, while cements took a beating major scrips seeing over -3 to -5pc movement. Even HUBC fell 3pc after it announced possible rollback in some of its expansion plans.

The Sui twins did well this week gaining 8.7pc and 4pc. CRTM, SAPT and SFL out in double digit percentage gains. TRG lost 3.5pc. ISL, HINO and SPEL were the worst performers losing 10pc.

Political developments are likely to be followed closely by market participants next week keeping volatility alive.