KARACHI: Amid uncertainty around the Panama hearing, law & order concerns and stricter regulatory actions during the outgoing week, the benchmark index continued its downwards slide from the previous week. The KSE-100 benchmark index fell marginally by 0.7 percent or 367 points to close the week at 49,008 points. “The divergent trends in the trading sessions (hopping between the green and red zones) can be attributed to security concerns, progress on the Panama case hearing, futures roll-over, recovery in crude oil prices that was trading at $54.15/barrel and the results season attracting investors’ interest in select stocks” said Syeda Humaira Akhtar, an analyst at JS Research. Amongst the top performers were heavyweight banks, United Bank Limited (UBL), Habib Bank Limited (HBL) and MCB Bank, adding a cumulative 133 points to the index. Positive support was also provided by Engro and Nestle, helping them secure positions amongst the top index contributors. On the contrary, Dawood Hercules Corporation Limited (DAWH), Hubco, Fauji Fertlilsers Company (FFC), Hascol and International Steels Limited (ISL) were underperformers during the week, costing the index a total of 231 points and wiping off the gains. “As the results season approaches its conclusion, the market is likely to retain its focus on developments around the Panama-gate case after the Supreme Court (SC) reserved its judgment. Uncertainty around the timeframe for the announcement of the decision can keep investors on edge, inducing greater volatility in the market”, said an analyst at AKD Research. Bestway Cement remained the key out-performer during the week with a gain of 1.4 percent post announcement of its non-binding agreement with Dewan Cement Limited (DCL) for acquisition of Hattar plant. Sui Southern Gas Company (SSGC) also gained traction on recommendation of additional allowance of Unaccounted for Gas Losses (UFG) by a reputable advisory firm. Average trading volumes declined from 354 million shares to 322 million shares (-9 percent). Foreigners remained net sellers during the week, mopping up $4.84 million worth of shares. An analyst at Elixir Research expects volatility in the market with the political and security situation of the country setting the direction and sentiment of the market.