PSX Daily Market Review 06 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 35317.56 points and posted high of 35971.66 while day low remain same as opening price during last trading session and session suspended at 35941.47 points with net change of 623.91 points and net trading volume of 171.30 million shares. Daily trading volume of KSE100 listed companies dropped by 22.81 million shares or 11.75% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 Indices Increased by 33.89, 100.61, 29.07 million Rs or 1.79%, 1.38% and 2.3% respectively on DOD bases.
Foreign Investors remain in net buying of 7.12 million shares and net value of Foreign Inflow increased by 4.39 million US Dollars. Categorically Foreign Individuals and Oversease Pakistanis remain in net selling of 27856 shares and 1.04 million shares respectively but Foreign Coporates remain in net buying of 8.18 million shares. While on the other hand Local Individuals and brokers remain in net buying of 5.19 and 0.48 million shares respectively but Companies, Mutual Funds and Banks remain in net selling of 6.61, 3.72 and 4.85 million shares respectively.