The market snapped a 10 week gaining spree closing down 409pts at 49555. Volumes were lower by 30pc WoW, while value traded was down by 20pc at Rs20.5bln. The 50000 mark, and regulatory activity, targeting broker debit balances, and suspension of trading rights of two brokers, saw pressure build up at the exchange. In what was a volatile week, the index saw a high of 50339 and a low of 48758, a net fluctuation of 1581pts.
Additionally, results have so far failed to ignite a rally, barring the exception of a payout of Rs10 in EFOODS, that sparked a runup in ENGRO, toward the end of the week. Nishat Mills announced conclusion of an MOU with Hyundai for vehicle assembly in Pakistan. ISL expressed expansion plans that sent the stock rocketing upwards.
Gainers for the week were PSO, ISL, ENGRO, LOTCHEM and INIL.
LINDE, FEROZ, APL and GLAXO lost value during the week.
Outflow during the week was USD15mln, marking the 13th consecutive week of outflow.
We expect the market to remain volatile, approaching the 50000 mark with caution, pending resolution of liquidity supply.
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