LAHORE - The upcoming corporate financial results failed to trigger investors interest, as the equity market lost 222 points or 1.9 percent to close at 11,684 level. Also average daily volumes dropped to a 29 week low of 61million shares, down by 17 percent. Experts said that macro data released during the outgoing week remained encouraging, with remittances and exports reaching record highs in the month of March. Foreign outflows stood at $3.0 million during the week. Rabia Tariq, an analyst, observed that Pak Rupee continued to gain strength against US$, as the intra-week interbank rate reached as low as Rs84.0/US$ its lowest level since April 28, 2010. Pakistans exports remained robust, touching a record high in March, of US$2.5bn. Albeit rising imports, the trade deficit augmented marginally, up 1.7 percent to US$11.2bn in 9MFY11. Remittances in March too set a new record, crossing the US$1bn mark, with cumulative 9MFY11 reaching US$8.0bn. However, foreign investment remained flat YoY at US$1.3bn in 9MFY11, on the turbulent political scenario in the country. MTS investment (Mon-Thur) stood at Rs340m. Increased activity on the selling side at inner trend support defined in between 11,650/11,600 potentially hints at a selling exhaustion on the last day of the week. Experts said that in such a scenario developing at an important support level is likely to induce support which may turn into a reversal. The reversal would require sustained close above the falling channel resistance currently standing at 11,840. Experts recommend entering long at weakness with risk defined below 11,538. HBL initiated the result season on the last trading day, posting strong unconsolidated PAT of Rs4.7bn (diluted EPS Rs4.27) in 1Q2011, up 30 percent YoY. The banks sturdy performance is reflected in its rising share price up 17 percent in the last month alone. However, upcoming announcements have failed to trigger any sort of rally, largely owing to a lack of any major dividend announcements. Moreover, 1) summer floods resulting in reduced GDP growth outlook, 2) recent turmoil between USA & Pak on Raymond Davis issue limiting foreign interest, and 3) imposition of the flood tax, have also been key reasons for low investor interest, in our view. In the first quarter of 2011, the benchmark KSE 100 posted a slight decline of 2 percent as both international and local geopolitical events gripped local market sentiments. However, global equities measured by MSCI World Index posted a third quarterly rise with a gain of 3.9pc. Global stocks have now recovered all the losses from a sharp sell-off after disaster struck Japan earlier this month mainly due to gain in the US stocks.