PSX Daily Market Review 27 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 and also a negative trend line is trying to push it backward. For Today Market have a supportive region around 33590 and 33490, closing below 33490 will call for a further correction towards 33277 and 32700 in coming days. While Index can face a strong resistances around 33958 and 34085 points during today’s trading session.
On Weekly bases 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 33684.56 and posted high of 34027.62 while dropped back towards 33684.56 to post day low while session suspended at 33847.74 with net change of 163.18 points and net trading volume of 140.93 million shares. Daily trading volume of KSE100 listed companies increased by 66.28 million shares or 88.80% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 Indices increased by 8803.54, 32259.55 and 4151.66 million Rs or 0.49%, 0.46% and 0.35% on DOD bases.
Foreign Investors remain in net selling of 1.29 million shares and net value of Foreign Inflow dropped by 4.29 million US Dollars. Categorically Foreign Individuals and Overseas Pakistanis remain in net buying of 34002 and 546865 million shares but Foreign Corporates remain in net selling of 1.87 million shares. While on the other hand Local companies and brokers remain in net buying of 11.13 and 7.41 million shares but local individuals, Mutual Funds and Banks remain in net selling of 0.99, 0.641 and 15.11 million shares respectively.