Market Evening Wrap 7th Oct. 2019

The Benchmark KSE100 index have dropped back after getting resistance from a horizontal resistant regions and it could not penetrate above its initial resistant region of 30,860 points during last trading session and have formatted a hammer on daily chart. As of now it's expected that index would remain bearish during current trading session and index would try to close below its initial supportive region of 30,200 points and on intraday basis it's expected that if it would succeed in sliding below 30,000 points then a bottom around 29,700 points could be witnessed. It's recommended to practice caution while trading during current trading session.
The Benchmark KSE100 index have dropped back after getting resistance from a horizontal resistant regions and it could not penetrate above its initial resistant region of 30,860 points during last trading session and have formatted a hammer on daily chart. As of now it's expected that index would remain bearish during current trading session and index would try to close below its initial supportive region of 30,200 points and on intraday basis it's expected that if it would succeed in sliding below 30,000 points then a bottom around 29,700 points could be witnessed. It's recommended to practice caution while trading during current trading session.

Asian stocks joined global peers and rose on Friday while safe havens such as government bonds and the yen were on the defensive amid hopes for easing U.S.-China trade tensions and as firm U.S. economic data increased risk appetites. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%, putting it on track for a 2.2% weekly gain - which would make it the best week since mid-June. The Shanghai Composite Index was up 0.2% and Hong Kong’s Hang Seng rose 0.6%. Australian stocks gained 0.6%, South Korea’s KOSPI climbed 0.3% and Japan’s Nikkei advanced 0.6%. Global equity markets welcomed news that the United States and China agreed on Thursday to hold high-level talks early in October, raising hopes for substantial progress in de-escalating their long, bitter trade conflict.