Last week, earnings season entered full swing with mixed results posted across sectors.
The impact of the foregoing dampened investors’ appetite as the benchmark index ebbed by 1.15% w/w to 29,740.41 points.
Against that backdrop, the MtD and YtD losses widened to 4.19% and 5.38%, respectively.
On sectoral breakdown, losses across the Consumer Goods (-2.58%), Insurance (-0.90%), Industrial Goods (-0.70%), and Banking (-0.09%) indices masked gain in the Oil & Gas (+0.43%) index.
Market watchers reiterate their view that the blend of a compelling valuation story, together with positive macroeconomic picture poses an upside for market recovery in the medium term.
However, they guide investors to tread the cautious trading path in the short term.