PSX Daily Market Review 04 May 2016

The Bench Mark KSE100 Index is about to complete 161.8% expansion of its last 84.12% bullish correction and 76.4% correction of last bearish rally is completed during last trading session.  Now it have a strong resistance region ahead from a tripple top along with these two Fibonacci levels. Market seems to inter into a bearish zone for a longer correction, which would be converted into a bearish rally if it will become able to close below 34000 level in coming days. If market will start its reversal right now from these resistant levels then it can be pushed back towards 30000 and 27000 points regions as after completing 74.6% correction of its last Elliot Wave now it will start a major bearish Elliot again whose two moves woulld be completed at 35055 and the next or third wave would be completed around 30000 region. but all these arguments would become true if it will become able to turn back from current levels. Untill strat of that reversal its time to be more cautious then ever before at PSX platform. Daily and Weekly Stochastic and RSI are no more in further bullish mode as RSI is capped by a trend line. But if it will not entertain the above mentioned regions then next targets could be 36000 and 36500 points.

The Bench Mark KSE100 Index Opened at 34567.52 points and posted high of 34925.42 while posted day low of 34474.49 and session closed at 34897.30 with net change of 329.78 points and net trading volume of 130.02 million shares. Daily trading volume of KSE100 listed companies increased by 10.19 million shares or 8.50%. Market Capitalization of KSE100, ALLSHR and KSE30 increased by 18.66, 6.46, 14.89 billion Rs or 1.01%, 0.89% and 1.21% respectively on DOD bases.
Foreign Investors turned back to net selling and they remain in net selling of 16.62 million shares but net value of Foreign inflow increased by 0.7 million US Dollars. Categorically Foreign Corporates and Overseas Pakistanis remain in net selling of 16.14 and 0.53 million shares but foreign individuals remain in net buying of 44900 shares. While on the other hand Local Individuals, Companies, Mutual Funds and banks remain in net buying of 6.21, 10.0, 0.73 and 1.14 million shares respectively but Brokers remain in net selling of 0.82 million shares.