PSX Daily Market Review 10 May 2016

Global Scenario is changing for energy sector as WTI Crude Oil Prices have started a bearish rally and dropped by 2.35 USD/bbl after completing its 50% correction. Traders are now looking for IEA Oil Market Report which would be released on 12th of May which can set a short term trend for Crude Oil prices. On technical bases there is a panic in trader about Crude Oil Prices as its moving back from its 50% correction which can lead towards more lower prices. If WTI Crude Oil prices would remain under pressure during current trading session than a slight correction can be witnessed at KSE Floor as majore indices are driven by oil sector shares. The Bench Mark KSE100 Index is about to complete its 100% correction of its last bearish rally. 161.8% expansion of its last correction is already completed and right now it may face a strong resistance from its weekly double top around 36320.51 along with its history high of 36471.68 points. Closing above 36471 will call for a further advance towards 37000 and 37500. Incase of reversal Market will find a supportive region around 35662 and 35055.

The Bench Mark KSE100 Index Opened at 35973.69 and posted day high of 36305.24 while day low remain same as opeing price but session suspended at 36234.99 points with net change of 261.30 points and net trading volume of 148.76 million shares. Daily trading volume of KSE100 listed companies dropped by 69.57 million shares or31.86% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 Indices increased by 13.77, 38.81 and 12.71 billion Rs or 0.72%, 0.52% and 0.98% respectively on DOD bases.
Foreign Investors turned back to net selling again and they remain in net selling of 6.72 million shares but net value of Foreign Inflow increased by 0.86 million US Dollars. Categorically Foreign Individuals and Overseas Pakistanis remain in net buying of 22337 shares and 3.71 million shares respectively but Foreign Corporates reamin in net selling of 10.44 million shares. While on the Other hand Local Individuals, Companies and Mutual Funds remain in buying of 6.42, 3.34 and 2.68 million shares respectively but Local Banks and Brokers remain in net selling of 3.98 and 6.68 million shares respectively.