Monday, 07 March 2011 10:24
KSE-100’s performance last week had a strange similarity with Afridi's World Cup 2011 squad: just when you expected the ground to cave in completely, the prices, as did Pakistani team, bounced back.
After posting a nearly 7 percent decline in the preceding week, KSE-100 made a modest comeback of 65 points last Monday, as foreign portfolio investors poured in $2.2 million on a net basis.
But the striking movement was seen on Tuesday when the index soared by 319 points. The fact that the biggest single day jump since April 2009, occurred on a day when FIPI outflow was also at a multi-month high – of $3.8 million – begs further scrutiny.
In the last 294 trading days – Jan-2010 to date – only 61 sessions saw FIPI outflows. Out of those 61 days, 31 sessions saw the market fall, with an average of 113 points.
Of the remaining, 23 days saw the market ...