PSX Daily Market Review 25 April 2016

The Bench Mark KSE100 Index is moving in an upward price channel on daily and weekly chart and right now its facing a strong resistance from resistant trend line of said channel along with a horizontal resistant region. For Today Market have a supportive region around 33490 and 33277 but closing below 33277 will call for a further correction towards 32700 and 3257 in coming days. While Index can face a strong resistance around 33940 points during today trading session. KSE100 Index have completed its 61.8% percent retracement of its previous bearish rally which was started from 36471 and ended up at 29784. Technically third wave of ABC formation is about to complete after completion of its bearish Elliot wave, so now a caution zone is generated in KSE100 Index and it needs a lot of patience now to initiate new trades. Now in coming days 34030 and 34572 points regions can react as major resistant regions. Closing above 34572 will call for straight ride towards 36000 points.

The Bench Mark KSE100 Index Opened at 33572.13 and posted high of 33848.39 while could not amend its opening price to post a new day low while session suspended at 33739.54 points with net change of 167.41 points and net trading volume of 92.65 million shares. Daily trading volume of KSE100 Index listed companies dropped by 74.49 million shares or 44.57% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 increased by 8395.9, 41645.27 and 5019.76 million Rs or 0.47%, 0.60% and 0.42% respectively on DOD bases.
Foreign Investors remain in net selling of 0.75 million shares and net value of Foreign inflow dropped by 1.62 million US Dollars. Categorically Foreign Individuals and Corporates remain in net buying of 37558 shares and 0.47 million shares respectively but Overseas Pakistanis remain in net selling of 1.26 million shares. While on the other hand Local Individuals, Mutual Funds, Banks and Brokers remain in net selling of 0.15, 0.73, 2.77 and 1.1 million shares respectively but Local Companies remain in net buying of 6.3 million shares