Weekly Review

The market reversed fortunes this week turning negative and ending down 408pts(1pc) to close at 39465. Turnover averaged 230mln shares down 13pc while value traded was Rs. 12.9bln up 16pc.

ENGRO's dividend annoucement and Gharibwal cements expansion plans soured sentiment on the last day of trading. Quarterly announcements so far haven't outdone market expectations and all time highs precipitate waves of profit selling. Banks, cements, fertilisers all felt the heat this week, losing ground. Foreign selling continued exerting pressure on the market.

Best performers this week were NATF, TRIPF, SING and ATRL picking up 12-14pc.

HINOON, ENGRO, GTYR, CSAP and DAWH were the worst performers losing around 7pc.

Outflow on Friday was USD7.5mln bringing this weeks tally to an outflow of USD18mln. This was the third consecutive week of outflow since the beginning of August. Last weeks outflow was USD1mln.

Upcoming results could offer support to the index though turning flows might add to volatility