POLITICAL NOISE SNATCHES KSE-100 INDEX BULLISH MOMENTUM
KSE-100 Index, which was plunged by 879 points in the last two trading session of the week, apparently lost its bullish momentum with the heightening of political noise and rumors regarding drop scene of Panama case sometime next week keeping the potential investors on the sidelines last week.
In fact the nominal participation of the investors kept the Index continued its downward trend during the week. After starting on a positive note the Index lost its steam on political noise. Index closed the week at 47,577pts, down by 0.7%WoW. The foreign institutional portfolio investors (FIPI) also registered net outflow of US$2.8 million. Average volume traded increased by 9.7% WoW while average value traded increased by 8.9%WoW.
The overall market activity was limited due to almost non-institutional participation primarily from foreign investors due to global markets were closed for Good Friday holiday.
The overall participation of the companies in the market indicated that Punjab Oil, Pak Suzuki Motors, Hascol Petroleum Limited, Sui Southern Gas and Murree Brewery were the major gainers while Jubilee General Ins. Co Ltd, National Bank of Pakistan, Pakistan Tobacco Company, Mari Gas, and Kot Addu Power Company were the major losers in the benchmark KSE-100 this week.