PSX Daily Market Review 23 May 2016

The Bench Mark KSE100 Index opened at 36685.05 and posted high of 36848.02 and dropped back towards day low of 36646.97 while session suspended at 36693.50 with net change of 8.45 points and net trading volume of 173.67 million shares. Daily trading volume of KSE100 listed companies dropped by 100.26 million shares or 36.6% on DOD bases. Market Capitaliztion of KSE100 and ALLSHR Indices increased by 451.47 and 8185.39 million Rs or 0.02% and 0.11% respectively on DOD bases while KSE30 Capitaliztion dropped by 1619.12 million Rs or 0.12%.
Foreign Investors remain in net selling of 3.17 million shares but net value of Foreign inflow increased by 1.45 million US Dollars. Categorically Foreign Individuals and Overseas Pakistanis remain in net buying of 0.58 and 4.48 million shares respectively but Foreign Corporates remain in net selling of 8.23 million shares while on the other hand local individuals, companies, banks and brokers remain in net selling of 3.07, 0.62, 1.06 and 0.31 million shares respectively but Mutual Funds remain in net buying of 7.84 million shares.
PPL, FML and HUBC remain in top three index movers and they have tried to push KSE100 Index in positive zone by 50.86, 26.76 and 9.85 points with net price change of 5.65, 7.59 and 0.70 Rs/share respectively while on the other hand MCB, DAWH and HBL remain in top three index shakers as they have tried to drag index in negative zone by -27.66, -17.65 and -12.10 points with net price change of -3.32, -2.80 and -0.98 Rs/share respectively.

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 falls 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 showing consoludation behaviour in international market which is also an alarming factor for KSE100 index as during trading session of 20th May 2016 WTI crude Oil closed at 47.65 $/bbl with net change of -0.71 $/bbl(-1.47%) on NYMEX while Brent also closed at 48.79 with a slight negative change of -0.09 $/bbl(-0.18%) 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.