KSE-100 INDEX RECOVERS BUT BEARS DOMINATE; POLITICAL NOISE CAUSES OUTFLOW OF FIPI
KSE-100 Index after passing through depressed trading sessions throughout the week observed a positive session with a gain of 206 points to close in green at 48,155 on the last trading session of the week, however, overall the market was dominated by the bears.
According to market analysts, the resistance is initially nailed at 48,400 levels. On the other hand if the aforementioned resistance is surpassed then 48,900 would be the second resistance zone going forward. However, the bears continued to dominate the index during the week as the Index shed 1.7%WoW to close in at 48,156 points level. While the foreign institutional portfolio investors ( FIPI) also registered a net outflow of US$19 million on the back of heightening political noise in the backdrop of a drop scene of Panama case sometimes next week.
Average volume traded decreased by 3.5% WoW, while average value traded increased by 8.6% WoW.
Meanwhile the international oil prices rose for the third straight session on Thursday on hopes of an extension in the OPEC-led production cut deal for the second half of 2017. In addition, analysts expect that non-OPEC giant Russia would also agree for the extension in order to drive prices higher. However, traders will wait for Baker Hughes rigs count data due to be released soon.
Meanwhile the Philip Morris Pak Ltd, Mari Gas, Pakistan Tobacco Company, Jahangir Siddiqui & Co and Ibrahim Fibers were the major gainers while Bank of Punjab, Soneri Bank, Askari Commercial Bank, Sui Southern Gas, and Colgate Palmolive were the major losers in the benchmark KSE-100 this week.