KSE-100 index drops by 180 points

Amanullah Khan


KSE-100 Index dropped yet another 180 points to close in red at 49300 levels here on the last trading session of the week on Friday.
According to market analysts the current formation on daily chart indicates that index could face a couple of bearish sessions next week before resuming the bullish momentum on the back of strong rally of the corporate financial results, at the moment the support is initially placed at 49,100 levels however due to broken support the index may further down upto 48,700 that would be the second support zone.
The index trading in a narrow range as the selling pressure by the domestic local institutional investors put the index on a declining trend.
Meanwhile amid a market volume of 289 million all shares Aisha Steel remained the volume leader of the day with a trading volume of 29 million shares to its credit.
The other two volume leaders of the day were including Engro Polymer and TRG Pakistan with respective trade volumes of 21 million and 15 million shares accordingly.

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