PSX Daily Market Review 17 May 2016

The Bench Mark KSE100 Index is getting resistance from resistant trend line of its bullish trend channel along with a strong horizontal resistant region at its history high. Last trading session closed with a mixed trend and have shown that investors are not confident enough to initiate new trades which will force market to initiate a new trend on either side. Crude Oil prices are inching up on both NYMEX and The ICE plateforms. WTI Crude Oil closed 1.60 $/bbl up on NYMEX while Brent also closed 1.17 $/bbl up on The ICE and these factors would try to push index in positive zone today as major stack holder scripts of KSE100 are from oil and banking sector.  For today market have supportive regions around 35765 while resistant regions stand around 36471 and 36647 points. If Market will become able to close above 36647 then next target would 37940 points. But as long as 36647 is sustained as a resistance a correction can be witnessed in Market. Right now its time to be cautious while initiating new trades at PSX platform as breakage of either side will call for a new trend. For current trading session market seems in bearish direction but on intra-day bases a slight upward spike can be witnessed durring session.

On weekly bases KSE100 Index have fulfilled its 100% correction and right now its getting resistance from a horizontal resistant region along with resistant trend line of its bullish trend channel. Since last 6000 points market have not corrected its move and right now a serious correction could be witnessed in comming weeks. On Weekly bases a correction towards 35606 and 34934 points regions are required for a futher bullish run.

FTSE100 Index closed with net increase of 65 points or 1.06%, US30 got an increament of 214 points or 1.22% and S&P500 got increament of 23.5 points or 1.15% on DOD bases.But KSE100 index did not become able to follow foot print set by international indices and closed with net change of 2.88 points or 0.008% only. Today its expected that on Intra-day bases KSE100 index would take a spike.

The Bench Mark KSE100 Index opened at 36122.49 and posted high of 36242.63 while drpped back towards day low of 36090.50 during last trading session and session suspended at 36125.37 points with net change of 2.88 points and net trading volume of 79.44 million shares. Daily trading volume of KSE100 listed companies dropped by 36.33 million shares or 31.38% on DOD bases. Market Capitalization of ALLSHR and KSE30 Indices dropped by 1.37 and 1.22 billion Rs while KSE100 Index capitalization increased by 19.52 million Rs.
Foreign Investors remain in net selling of 1.41 million shares and net value of foreign inflow dropped by 39886 US Dollars. Categorically Foreign Individuals and Corporates remain in net selling of 13500 shares and 2.56 million shares but Overseas Pakistanis remain in net buying of 1.16 million shares. While on the other hand Local Individuals and Brokers remain in net buying of 8.55 and 1.29 million shares but Companies, Mutual Funds and Banks remain in net selling of 2.71, 0.47 and 8.26 million shares respectively.
OGDC, MCB and PIBTL have tried to push index in positive zone with 25.11, 19.49 and 19.09 points with net price change of 2.08, 2.34 and 1.46 Rs/share respectively while on the other hand HBL, PAKT and FFC have tried to drag index in negative zone by -32.61, -11.99 and -11.13 points with net price change of -2.64, -51.85 and -0.85 Rs/Share respectively.