Foreign selling drag index by 408 points
Mutual funds turned out to be the largest buyers of equities.
KARACHI (Dunya News) - Euphoria of last week’s outcome of panama case verdict fizzled out quickly and the index edged down 0.8 percent or 408 points to settle at 49,301 points level as foreign selling took its toll on the market.
The outgoing week witnessed profit taking as investors shied away from fresh investments amidst growing political uncertainty.
Mutual funds again turned out to be the largest buyers of equities with net buying of 19.2 million dollars compared to last week’s massive buying of 78 million dollars.
Foreign investors and banks, on the other hand, remained net sellers of 10.7 million dollars and 5.5 million dollars during the week, respectively.
Of the key performers autos sector gained 10 percent on week on week basis while glass and ceramics by 9 percent, refineries 2 percent were noteworthy contributors towards the green points, whereas drop in world crude oil price and expectation that the price may decline in domestic market trimmed share values at oil and gas sector by 4 percent, fertilizer 4 percent and cement group by one percent.
According to an analyst investors’ interest is expected to pick-up ahead of the MSCI review on May 15th, however progress on JIT formed by the Supreme Court will also remain a key driver of market performance going forward.
