Byline: AMANULLAH BASHAR
OUTFLOW OF FOREIGN INVESTORS DRAGS THE INDEX BY 1.9 PERCENT
KSE-100 Index passing through bearish trend for the last four trading sessions dipped by 214 points to close in red at 50,742 levels on the last trading session of the week Friday.
Although the beginning of the week witnessed an all-time high level of 52,387 with the addition of 636 points on the first trading session of the week close in green on Monday. However, the unstopped decline started from Tuesday with the Index plunged by 574 points on Tuesday and 301 points on Wednesday and 554 points on Thursday due to profit-taking and selling pressure especially by foreign investors as the net outflow of foreign investors was estimated over 16 million dollars during the week.
In fact the week started off on a bullish note with the index gaining 1.2% on the first trading session of the week on the back of MSCI euphoria. However, confusion regarding pro forma weight in the MSCI Emerging market index resulted in bearish sentiments for the remaining part of the week where the index closed at 50,742 points, down 1.9% WoW. Foreigners remained net sellers during the week with a net FIPI outflow of $16.4 million.
Meanwhile, rally in the international prices pushed up the prices in the current session to its highest level in three weeks on expectations that OPEC and non-OPEC will extend the cuts until March 2018.
The stocks remained in the limelight were including Crescent Jute, Shifa Int Hospitals Ltd, Pak. Int. Cont. Ter. Ltd., PICIC Growth Fund and Pakistan Oilfields were the major gainers while Pak Suzuki Motors, Orix Leasing, United Bank Limited, Feroze1888, and Hub Power Company were the major losers in the benchmark KSE-100 this week.