Previous Session Recap
The Bench Mark KSE100 Index Opened at 42404.47, posted day high of 42526.93 and day low of 42326.98 points while session suspended at 42411.80 points with net change of 7.33 points and net trading volume of 140.07 million shares. Daily trading volume of KSE100 listed companies increased by 26.01 million shares or 22.8% on DOD bases.
Analytical Review
U.S. President-elect Donald Trump planned a Saturday meeting with Mitt Romney, the 2012 Republican presidential nominee and fierce Trump critic, and may discuss whether he should be a candidate for secretary of state, a source familiar with the meeting said on Thursday.
Pakistan is expected to attract direct investment of at least $150 million after the Nov 23 bidding for three direct-to-home (DTH) broadcast licences.
SC unhappy with PTI ‘meandering arguments. Things started to go wrong for the party when their senior counsel Hamid Khan opened his arguments before the five-judge Supreme Court bench hearing the Panamagate case.
The Pakistan Agricultural Research Council (PARC) has approved 16 research projects with a total budget of Rs1.2 billion for 2016-17. In addition, the PARC board of governors approved Rs194 million for projects under international cooperation and Rs183m for Agriculture Linkage Programme (ALP).
Pakistanis saw a substantial increase in their welfare, according to the World Bank publication titled ‘Making Growth Matter. Statistics released by the bank show that the ownership of motorcycles in the bottom quintile has increased from 2 per cent to 18pc, televisions from 20pc to 36pc and refrigerators from 5pc to 14pc.
LUCK, SMBL,SHEL, MUGHALand AGSML are looking attractive on Intra-day and short term bases, they can lead the market in positive direction. On the other side, ENGRO and PSO,will remain under pressure.
Technical Analysis
KSE100 Index is capped by a resistant trend line at 43249 on Daily Chart and it has penetrated its supportive regions of 42479 and 42460 in bearish direction and right now supportive region stands at 42260 points from a horizontal support or double bottom. Daily Stochastic and Moving Average over RSI(MAORSI) have generated bearish crossovers which is a positive sign for a healthy correction, which for the current trading sessions stands at 42490 and 42527 points.
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