Weekly Review

The market ended the week down 266pts to close at 47889. Average turnover during the week fell sharply 38pc to 155mln shares while value traded fell 28pc to Rs8.4bln. The week was characterized by caution due to the upcoming Panama verdict. Sentiment was further aggravated by regulatory action against a brokerage firm. However during the last day of the week the market saw bargain hunters take positions in stocks which had drifted lower. Cement sector saw buying interest on the back of solid uptake numbers for march. Resurgent crude oil prices helped oil stocks regain some lost ground. That said, for the week cumulatively, stocks were largely unchanged with the exception of NBP, BOP and PRL which fell upto 10pc.

Net inflow during the week was USD9.3mln.

While market fundamentals remain intact we expect Panama verdict to give direction to the market.