LAHORE - Political instability emerged as a major concern for the investors during the outgoing week however, the equity market benchmark KSE-100 Index depicted an increase of 0.4 per cent over the previous week and closed the week at 5,748 level. Despite this increase on the back of strong fundamentals, average daily volumes remain under pressure (down 16%) as political uncertainty and deteriorating law and order situation amid attack on Sri Lankan cricket team left negative sentiments in the market, analysts said. Average daily volumes remained largely under pressure amid political uncertainty as rumblings between political parties continued after the imposition of governor's rule in Punjab last week. Moreover, attack on Sri Lankan cricket team further dented investor's confidence. Average daily volumes stood at 104mn shares (US$44mn) as against already thin volumes of 123mn shares (US$50mn) last week depicting a decline of 15.6%. Moreover, CFS investment stood at Rs707mn with average annualized rate of 14.59%. Refinery sector was the top performer in the outgoing week amid better expected earnings in 2HFY09 due to absence of inventory losses. Moreover, the decision of increasing deemed duty on diesel from 7.5% to 10% also attracted investor's interest as this measure is expected to further improve their earnings. Similarly, fertilizer sector also performed strongly on the back of increase in urea prices by Rs20 to Rs690/bag. Hence, market capitalization of refinery & fertilizer sectors increased by 13% & 2% respectively against a decline of 1% in total market capitalization which closed at US$22bn. Selling from off-shore investors continued during the week as foreigners bought shares worth US$4.2mn and sold US$8.4mn, resulting in net selling of US$4.3mn. Cumulative net selling post lifting of the floor has now reached US$207mn. Experts said that rrading activity was worst this week as compared to the previous week, as the average ready market volume stands at 103.667 million shares as compared to 203.079 million shares. The Average future volume market was worst this week as compared to the previous eek, as the average future market volume stands at 0.024 million shares as compared to 0.047 million shares last week trading. Market capitalization stands near to Rs. 1.782tr. Trend forecasting oscillators are currently bearish on KSE-100 index. KSE-100 Index is currently 37.1% below its 200-day moving average and is displaying a downward trend. As far as resistance level is concerned, the market will see major 1st resistance level at 5799.00 and 2 nd resistance level at 5849.90. Experts said that on the last trading day of the week, volatility was the theme of the day while the dull activity depicted in the marked in both sessions as political instability emerge a major concern for the investors. Moreover, next week would be decisive for the political turmoil as lawyers once again announced long march and indefinite sit-in for 'restoration of judiciary'. Despite a depressed session today refineries scrips continued yesterday's trend as ATRL and NRL extended 4.9% gained and closed to PKR122.07 and PKR71.71 respectively while the PRL remained upper cap. On the other hand OGDC and AICL remained volume leaders contribute 4.82m and 4.5m shares to the total market volume. Overall, KSE-100 index closed 40.17 points negative to 5748.10 while the volume decline by 53.5% to 69.2m shares traded as compare to 148.6m shares traded yesterday. However, on week on week basis KSE-100 index gained 20.64 points as against 241.63 points negative last week. While the average volume remained 15.6% lower to 103.67m shares as compared to 122.767m shares during previous week.