· Rollover week ended with market shedding 486pts during the session and closing the index -259pts (unadjusted). Overnight intimation from MSCI regarding possible downgrade of Pakistan from MSCI Emerging Market Index to MSCI Frontier market Index, had investors perplexed on the upgrade of stocks in the recent MSCI review particularly LUCK and TRG, which were added to the Standard and Small index respectively. In addition, Finance Minister’s final budget speech had positive surprise for auto stocks. Selling pressure was observed across the board, with concentration towards Banks, E&P and Cement sector stocks. Among scrips, WTL topped the volumes with 142mn shares, followed by BYCO (53.7M) and PACE (44.9M).

· The Index closed at 47,604pts as against 47,963pts showing a decline of 359pts (-0.7% DoD). Sectors contributing to the performance include Banks (-114pts), Cement (-101pts), E&P (-63pts), Pharma (-40pts) and Inv Banks (-28pts).

· Volumes increased from 638.8mn shares to 761.3mn shares (+19% DoD). Average traded value also increased by 32% to reach US$ 138.0mn as against US$ 103.8mn.

· Stocks that contributed significantly to the volumes include WTL, BYCO, PACE, TPL and KEL, which formed 39% of total volumes.

· Stocks that contributed positively to the index include PSEL (+29pts), FCEPL (+14pts), SYS (+12pts), ANL (+7pts) and HUBC (+7pts). Stocks that contributed negatively include LUCK (-66pts), HBL (-50pts), UBL (-36pts), PPL (-20pts) and DAWH (-19pts).