PSX Daily Market Review 11 July 2016

The Bench Mark KSE100 index opened at 37783.54, dropped backtowards day low of 37689.70 points and posted day high of 38007.51 points during last trading session while session suspended at 37966.76 points with net change of 183.22 points and net trading volume of 88.23 million shares. Daily trading volume of KSE100 listed companies increased by 6.75 million shares or 8.29% on DOD bases. Market Capitalization of KSE100. ALLSHR and KSE30 indices increased by 9.53, 46.60 and 9.42 billion Rs on DOD bases.
Foreign investors remain in net buying of 5.8 million shares and net value of foreign inflow increased by 2.42 million US Dollars. Categorically Foreign Individuals and Overseas Pakistanis remain in net selling of 800 shares and 0.76 million shares respectively but Foreign Corporates remain in net buying of 6.57 million shares. While on the other hand Local individuals and Brokers remain in net selling of 5.46 and 12.48 million shares but Local companies and Mutual Funds remain in net buying of 7.03 and 0.62 million shares respectively.

The Bench Mark KSE100 Index is moving in an upward price channel on daily chart and right now its moving back after getting support from rising/supportive trend line of said channel during last trading session, futher more it have created a daily moring shooting star on charts which can push it further upward but it have strong resistant regions around 38033 and 38141 points from its daily correction levels along with a horizontal resistance. In coming days PSX would be closed for EID holidays therefore its not recommended to initiate new buying at its floor is not recommended keeping in view political situitation of Pakistan.

KSE100 Index have completed fifth wave of its bullish Elliot Wave on weekly chart now market have started its correction or ABC formation which could drag index towards a correction of 61.8% of this bullish trend. A minimum correction towards 34696 is required on technical bases if this bullish momentum needs to be continued.