Weekly review

The market closed up 340pts or 1pc for the week. Last week it was down 250pts. Turnovers and value traded rose 18pc to 180mln shares and Rs 8.9bln. Focus this week remained on political developments regarding Dr. Asim case. Oil continued its slide putting pressure on E&P's stocks. Pakistan Oilfield and OGDC were down 5pc for the week. PPL was down 2pc. Performers this week among active stocks were Mari up 27pc following news of its adoption of 2012 Petroleum policy, SSGC up almost 10pc, BOP up 10pc and Pakistan Bulk Terminal up 6pc. Cements remained firm for the week ending mostly positive. Large cap commercial banks also ended up 2-3pc. Refiners remained positive for the week. The market is likely to keep a close eye on political developments. Today's net outflow came in at USD3mln and for the week it was USD10.2mln, substantially below USD 17mln last week.