MARKET VOLUMES REMAIN DULL, FOREIGN INSTITUTIONAL PORTFOLIO INVESTORS TO MAKE IMPACT
Although the KSE-100 Index opened marginally positive yet was ended negatively at the end of the day and plunged by 45 points to close in red at 48971 levels on the last trading session of the week.
In a way the Index broke its losing streak amid political noise and low international oil price and closed the week at 48,971 points but up by 1.2% WoW. However, Foreign Institutional Portfolio Investors (FIPI) registered net inflow of US$3.5 million indicating a sign of bullish sentiments in the sessions to come next week.
According to market analysts point of view the trading may continue to go through dull volumes in the absence of major triggers amid looming uncertainty over the domestic political front.
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The average volume traded increased by 38.9% WoW while average value traded decreased by 7.6% WoW during the week. The market volume, which was marked at 353 million all shares, the bears took over the bulls at the end of the session. According to market analysts the initial support may be found at 48,690 points. If the index moves below the mentioned support then 48,150pts could act as second support.
Meanwhile the international oil prices fell in the previous session to US$47.59/bbl due to persisting supply glut fear as other producers have stepped up and filled the gap. The prices, however, recovered a bit after Saudi Arabia cut its crude oil supply to the US by 0.3 million bpd in the month of March. Yet, many experts believe the prices will remain under pressure unless OPEC extends the deal beyond June or makes bigger cuts.
The Bank of Punjab, Saif Power Ltd, Allied Rental Modaraba, Ghani Glass and Sui Northern Gas Ltd were the major gainers while Habib Metro Bank, K-Electric Limited, Engro Foods Limited, United Bank Limited, and Indus Dyeing were the major losers in the benchmark KSE-100 this week.