The market closed the week down 1009pts (-1.9pc) at 50742. Average turnover was almost level with last week at 349mln shares as opposed to 355mln. Value traded was Rs17.8bln as opposed to Rs18.9bln. Outflow during the week of USD16.37 compared to USD2.5mln put pressure on the index, especially so in the wake of aggressive local buying since May 4 till May 15 which saw a massive 3783pts gain. Last week the index put on a 1900pts runup.
Inclusion in the MSCI did not precipitate immediate inflows and with monetary policy, month close and the all important Budgetary announcement due, buyers chose to let values drift lower.
ENGRO, ISL, OGDC, HBL, EPCL topped the value traded board. Major gainers during the week were DSL, POL and INIL. Crude oil bounced back from its lows with Saudi Arabia and Russia expressing willingness to continue production curbs for longer.
HUBC, LUCK, UBL, HBL dipped lower after aggressive gains in recent weeks.
With economic fundamentals still looking up , the world bank forecast Pakistan's economic growth in 2017 at 5.2pc, the highest in nine years, we expect the market to get a fillip from foreign inflows.
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