PSX shows resistance against global sell-off actively pursuing positive triggers

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KARACHi (62 News) – Pakistan Stock Exchange gave a fair fight and index after intense volatility lost 1.1 percent despite global stock markets carnage owing to active support from local financial institutions, however looking for some triggers to show upward trend.

Global sell off, on-going pension liabilities case against big banks and falling oil prices dented investor sentiments. Absence of any major positive triggers and continued foreign selling did not help either. Investors preferred to book profits or remain sidelined. This led the market to close at 44,809 points, down 492 points (-1.1%), marginally lower on week on week basis.

Traded volume was down 4 percent whereas traded value was down 3% during the week. On the sector front; Cement and E&Ps declined by 4% and 2%, respectively whereas Food & Personal Care was up 1%. Market Capitalization of Commercial Banks remained flat.

Foreigners were net sellers of $8.5 million worth of shares during the week versus buying of $12.6 million during the last week. On the local front, Individuals were net buyers of $8.7 million whereas mutual funds were net sellers of $5.0 million.

Pakistan Automotive Manufacturers Association (PAMA) is likely to report auto sales numbers for the month of Jan’18 in the upcoming week, where above expected sales could potentially draw investor attention towards the sector. Furthermore, results announcements will be on investors’ radar next week where any positive surprises could ignite investor interest in select scrips/sectors.

However, one analyst said that with weak macro-fundamentals intact and the addition of global uncertainty to the mix, we thereby advice, investors to avoid unnecessary trades and limit exposure to sound blue chips with steady dividend yields.

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