The KSE 100 index shed over 2,000 points in November as the market closed in the red for last eight trading sessions of the month. The losses continued on December 1, taking returns sub-zero for CY15. After dipping in August and September, the market saw some relief in October after strong results, but the gains were short-lived for investors.
The country's largest bourse has been under pressure as foreign investors continue their heavy outflows in many frontier markets. Weak manufacturing data from China and Paris attacks were the major detractors for them last month. Overseas investors shrank their KSE portfolios by $53 million in November - the fifth straight month of FIPI selling. Since July, the sum has crossed over $200 million.
Local investors helped offset some of the prevalent negativity. NBFCs, companies and individuals registered net buying of $20 million, $13.2 million and $5.8 million respectively. Mutual funds and banks/DFIs were also net buyers, but only slightly.
Sectors
Opposite to Octobers trading activity, all sector indices finished in the red in November. Auto sector finished the strongest in the recently concluded month, dipping 0.83 percent. Automobile stocks were also among the best performers in October. Insurance, power generation, chemicals and investment banks also outperformed the index in November. Fertilizer and cement sectors were the months biggest losers.
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