PSX Daily Market Review 26 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’s trading session. KSE100 Index have completed its 61.8% correction of its last 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 33739.54 and posted high of 33785.74 while dropped back towards 33498.75 to post day 33498.75 but again pulled back and session suspended at 33684.56 with net change of -54.98 points and net trading volume of 74.64 million shares. Daily trading volume of KSE100 Listed companies dropped by 18 million shares or 19.44% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 dropped by 2946.83, 8386.42 and 2370.27 million Rs or 0.16%, 0.12 and 0.20% respectively on DOD bases.
Foreign Investors remain in net buying of 20708 shares but net value of foreign inflow dropped by 0.57 million US Dollars. Categorically Foreign Individuals and Overseas Pakistanis remain in net buying of 23396 shares and 0.88 million shares respectively but Foreign Corporates remain in net selling of 0.88 million shares. While on the other hand Local Individuals and Companies remain in net buying of 22.39 and 2.6 million shares respectively, but Mutual Funds, Banks and Brokers remain in net selling of 3.05, 8.05 and 14.64 million shares respectively.