PSX Daily Market Review 20 May 2016

The Bench Mark KSE100 Index Opened at 36318.21 points and posted day high of 36809.31 and day low of 36306.13 points during last trading session while session suspended at 36685.05 with net change of 366.84 points and net trading volume of 273.93 million shares. Daily Trading volume of KSE100 listed companies increased by 139.58 million shares or 103.89% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 indices increased by 19.6, 47.15 and 15 billion Rs or 1.01%, 0.63% and 1.15% respectively on DOD bases.
Foreign Investors remain in net buying of 13.74 million shares but net value of Foreign Inflow dropped by 5.84 million US Dollars. Categorically Foreign individuals and Overseas Pakistanis remain in net selling of 27793 shares and 1.48 million shares respectively but Foreign Corporates remain in net buying of 15.25 million shares. While on the other hand, Local Individuals, Companies, Mutual Funds and Brokers remain in net selling of 10.99, 3.55 and 1.44 and 3 million shares respectively but Local Banks remain in net buying of 4.27 million shares.
MCB, FML and HUBC were top three Index movers and they pushed KSE100 index in positive zone by 985.89, 35.64 and 35.47 point with net price change of 11.51, 10.11 and 2.52 Rs/Share. While on the other hand ,OGDC, DAWH and ABOT remain top three index shakes and they tried to push index in negative zone by -21.97, -12.10 and -5.40 points with net price change of -1.82, -1.92 and -13.82 Rs/share respectively during last trading session.

The Bench mark KSE100 index have penetrated two major resistant levels of 36471.68 and 36647 points during last trading session and now it have resistaces ahead at 36890 and 37000 points while supportive regions stand around 36471.68 and 36126 points for current trading session. Its not becoming able to close above or penetrate its major resistance which falss on resistant trend line of its bullish trend channel. Penetration of that line will all for 37972 points region which falls on resistant trend line of its long term bullish tren channel. where it will face a major resistance and that level would push index back into negative zone. Oil prices are inching up in international market which is also a supportive factor for KSE100 index as during trading session of 19 May 2016 WTI crude Oil closed at 48.36 $/bbl with net change of 0.41 $/bbl(0.86%) on NYMEX while Brent also closed at 48.84 with a slight positive change of 0.16$/bbl(0.33%) on The ICE.

KSE100 Index is about to complete fifth wave of its bullish Elliot Wave on weekly chart, on technical bases that fifth wave would have to be completed before 37972, on completion of that wave market would start a correction or ABC formation which could drag index towards a correction of 61.8% of this bullish trend. Before completion of this fifth or last wave a slight correction can be expected as 3rd and 5th secondary waves are still pending in this primary wave.

PSX performed against all major indices around the Globe as FTSE(UK100), Dow Jones(US300), S&p500(SPX500) and DAX30 slipped during last trading session and closed in negative zone with net change of -67, -70, -3 and -49 points or -1.1%, -0.4%, -0.15% and -0.5% respectively on DOD bases but KSE100 Index closed with net gain of 366.84 points or 1.01% on DOD bases.