Index closed third consecutive week down 436pts at 42642. In three back to back weeks, the market has lost 4235pts(9pc). Turnover during the week averaged 180 million shares, while value traded was Rs9.7bln. Outflow during the week was USD 9.7 million compared to USD 2million last week. In 3 weeks the outflow has been USD 43 million.
A weakening external account, and a ratcheting up of pressure by the US administration, on Pakistan, has hurt investor sentiment considerably.
SHEL, PAEL, DFML, LUCK, AKZO, DGKC, ACPL were the worst performers for the week among actively traded stocks.
Best performers were, PPL, UBL, POL, HMB, BAHL, ATRL, INDU, PSMC and EFERT.
Cement stocks were the worst hit over capacity fears.
We expect the market to start finding support at lower levels.
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