Stock Market at a Glance

MARKET THIS WEEK The market started the week on a negative note, but picked up steam mid-week and closed the week +0.83% WoW. However the performance of the index was driven by select stocks, with Nestle posting a stellar 24% gain WoW and contributing in a major way to the index's performance. In addition, FFC (+5.5% WoW on urea price increase expectations) and POL (+3.7% WoW on rumors regarding Domail II) also turned in strong performances which helped mitigate the drag on the index emanating from OGDC (-1.9% WoW following release of its 10MFY11 accounts), Engro (-4.8% WoW on gas supply concerns) and PTCL (-4.7% WoW). On the volumes front, while value traded jumped 85% WoW, foreign flows posted a negative reading for the week with outflows of US$3.6mn.