Updated on Apr 17, 2000
The KSE 100 has been
gyrating endlessly between a band of 1900-2000 ever since the start of this month. As the
week progressed the market broke through the support level of 1950 but late interest by
the investors allowed it to bounce back to close at 1967.01.
Domestic institutional interest remained subdued, however foreign
investor were witnessed in the exercise of aggressively managing their portfolios. Hubco
witnessed partial selling while PSO came under increased investor interest.
Retail players have offloaded holdings in blue chip companies and
interest spilled over to the second tier stocks namely Ibrahim Fibre, Nishat Mills and
certain cement stocks.
Going forward investor sentiment is going to remain subdued in the KSE
100. Fuelling the absence of interest would be the onset of the Muslim religious month,
during which trading is always witnessed on the lower side. Maintain current exposure with
emphasis largely on blue chip stocks.