The capital market had a dull week ending on Friday last as the traders preferred to stay on sidelines in the wake of economic fragilities and ambiguities perpetuated by the political uncertainties. Players opened the week under review with a positive sentiment but confusions about new taxation measures chiefly inevitable imposition of the capital gain tax from the next financial year drew the brokers to the sidelines of the market. Moreover the uncertainty about the upcoming finance minister by then helped bears to grip the market and the benchmark shed a little over 159 points in one go on Monday last. Oversold state of the market, however, attracted some fresh buying at the eleventh hour of trade during the second session of the week that was. Thus, short covering on part of the blank sellers helped the benchmark of the countrys mother bourse to recover one-thirds of what it had lost during the preceding session. Though the market recovered marginally during the second session of the week under review, it marked interest, if not direction, of the institutional investors and heavyweight players. Trade on Tuesday last though remained dull, clearly exhibited institutional interest in oversold market and booked orders for insurance, banking and oil sectors. Pundits were of the view that the energy sector stocks had been luring fresh investments of late chiefly due to improvement in the crude oil rates in the international market. Midweek comeback of bears clearly indicated sentimental weakness of the market that failed to sustain the recovery drive and the Karachi Stock Exchanges KSE-100 Index slipped by 126 points or one and a quarter percentile on Wednesday last. Since midweek correction further trimmed already under-priced blue-chip stocks, they once again attracted institutional investors particularly foreign fund managers. Market remained in negative zone by midday on Thursday last, which was the second last session of the week, but late hour buy helped the Index gain 92 points or almost a percentile of the indexed value. Continued interest of the foreign investors in oil and banking sectors led to apparent maintenance of the gaining momentum and the index bettered by 114.76 points. Pundits described market closing on positive note as bad omen for the small investors. Early correction during the following week starting on Monday (today) can trigger a bear-run in case external circumstances keep lacking positive developments. Market players were finding it hard to finalise their short-term investments given extremely precarious states of both the economy and the politics in the country. They were probably holding their major investment decision back until the critical developments due ahead within this month. Most of the players were in a mood to stay with a policy of wait and see until the constitutional reforms tentatively scheduled for mid of this month, besides the address of the President to the joint session of the Parliament. Moreover market players were also not decisive due to pending major decision of the Government about the appointment of the new finance minister since the economy has gone over a week now without a full-fledged finance minister. Further delays in appointment of the new finance minister would increase ambiguities in the mind of investors, as it would enhance the vulnerabilities of the economy.