KARACHI - Despite Lahore and Peshawar terror attacks, the stock market closed the week at 7,277 points; depicting a week-on-week increase of 2 per cent. The KSE continued its upward movement on the back of news regarding the lifting of election ban on Sharif brothers and sharp cuts in Pakistan Investment Bond (PIB) yields. Average daily volumes were up 31 percent while market capitalisation rose to $27b. Unlike last week, the offshore investors reverted back to net selling this week. Stock market welcomed the Supreme Courts decision regarding lifting of election ban on Sharif brothers, as the market opened on a positive note on Wednesday. However, the bullish sentiments in the market were soon hit by the terror attacks in Lahore. Despite these terrorist activities market remained strong and closed the week on 2pc high. The other major development during the outgoing week was the (PIB) auction, as yields fell in the range of 60bps. Following the decline in PIB yields, renewed interest was observed in the leveraged-cum long term growth stocks in the fertilizer and cement sector, up 1.5pc and 3.2pc respectively. Moreover, due to sharp increase in oil prices, E&P sector was up by 3.7pc. With the market remaining positive throughout the week, average daily volumes were up 31pc WoW to stand at 151m shares ($92m) versus 116m ($57m) last week. Moreover, after being net buyers of $1.6m in the previous week, foreigners turned net sellers once again. Shares worth $28.0m were bought by foreigners while $32.1m worth of shares were offloaded, resulting in the net selling of $4.1m. Sustainability of market is still questionable as fearful investors start offloading their positions as soon as they get a chance, which resulted in a selling pressure. The market over the week stayed where it started the week on Monday. The fearful investors continued to sell stocks after market gains, so a clear cut market direction will be possibly attained after the week holder or investors having bearish stance has sold their stake in the market. Average volume of the week improved substantially over the previous week can be termed as a positive sign. The market was unable to sustain Thursdays market sentiment. For the time being we need to be cautions as market maintained the same levels after a week. So market is still passing through a consolidation phase. Investors at current levels need to show ample patience, said Shahid Ali, CEO HMFS.