PSX BENCHMARK KSE-100 MARGINALLY DOWN; FOREIGN INVESTORS PORTFOLIO REGISTERS AN OUTFLOW OF $15.3M SHARES
KSE-100 index suffered a fall of 110 points in the face selling pressure and profit-taking, which led the index to close in red at 49,555 levels on the last trading session of the week on Friday.
In fact, the week started with a steep decline, which was later arrested by some support being provided by big sectors on the back of positive news. Index closed the week at 49,556 points, down marginally by 0.8% WoW.
Foreign Investors Portfolio Investment (FIPI) registered net outflow of US$15.3m shares. Average volume traded decreased massively by 29.4% WoW while average value traded decreased by 20% WoW.
It may be noted that the foreign institutional investors pulled out their investment worth $15.3 million during the week while some local traders also joined them. However, the bullish momentum seems still in the air, which may lead to recovery on the back of strong rally of corporate results as well as rising oil prices, which may also kept the oil based stock to move forward.
According to market analysts, the support is placed at 49,100 initially. A breakage below mentioned support zone could drag the Index towards second resistance zone, which is at 48,700 levels.
International Steel Limited, Colgate Palmolive, Pakistan Tobacco Company, Allied Rental Modaraba and Ibrahim Fibers were the major gainers while Pak. Int. Cont. Ter. Ltd, Shifa Int Hospitals Ltd, Orix Leasing, Ferozsons Laboratories, and IGI Insurance were the major losers in the benchmark KSE-100 this week.