Investors perturbed by pending Panama case decision
The market capitalization slipped to Rs 9.422 trillion at the end of the week.
KARACHI (Dunya News) - A volatile session was witnessed during the week as the PSX 100-index registered an increase during the first three sessions, but succumbed to selling pressures in the last two sessions to settle at 47,577 points level, down 0.7 percent or 312 points on weekly basis.
The market capitalization slipped to Rs 9.422 trillion at the end of the week from Rs 9.521 trillion of the corresponding week.
Uncertainty regarding Panama case verdict and lack of positive development coupled with foreign selling was the main reason for the down turn in the last two sessions.
Interestingly, despite lackluster sessions, the week witnessed improved volumes compared to the preceding week. Pharmaceuticals & Biotech, Multi-utilities and Personal Goods (Textiles) sectors came out as top gainers of the week rising 1.6 percent on week on week basis (wow), 1.3 percent wow and 0.7 percent, respectively. Conversely, Food Producers, Oil & Gas and Construction & Materials sectors declined 1.4 percent on week on week basis, 0.8 percent on week on week basis & 0.4 percent on week on week basis.
Foreign investor offloaded positions worth 2.8 million during the week during the week, where major selling was concentrated in Fertilizers and Textiles sectors. On the other side, major buying was witnessed in Commercial Banks and Oil & Gas companies.
Moving ahead, analysts foresee market to remain range bound until the announcement of federal budget and decision pending on Panama case. However, the trigger expected owing to upcoming result season, where rally expected in some of the select stocks and blue chips
