Weekly review

The market closed down 700pts for the week almost erasing last week's 729pt gain. Average volumes during the week were 120mln shares up 6pc WoW. Value traded was Rs7.6bln up 15pc. The Index closed negative for five straight sessions this week. The main news this week was a Federal investigation into AKD Securities which unsettled participants, regional market volatility amidst a stock rout in China and crude oil weakness that weakened index heavyweight E&P'S. Foreign flows during the week were USD11.2mln up from USD4.2mln last week.

Among active stocks FEROZ and SEARL were the major gainers rising 10 and 15pc. Losers were POL, PPL and OGDC declining 10, 6.5 and 7.5pc.

Continued international market volatility with heightened political tensions in Middle East are likely to keep local market players cautious.