PSX Daily Market Review 28 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 34033, closing below 34033 will call for a further correction towards 33940 and 32490 in coming days. While Index can face a strong resistances around 34570 points during today’s trading session. If it will become able to close above 34572 then market trend would be change from caution to bullish.
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 33847.74 points and posted high of 34307.30 points but could not amend its opening level to post a new day low therefore day low remain 33847.74 points during last trading session and session suspended at 34269.28 points with net change of 421.54 points and net trading volume of 13.97 million shares. Daily trading volume of KSE100 listed companies dropped by 4.96 million shares or 3.52% on DOD bases. Market capitalization of KSE100, ALLSHR and KSE30 indices increased by 22533.89, 97564 and 17628.07 million Rs or 1.24%, 1.39% and 1.47% on DOD bases.
Foreign Investors remain in net selling of 1.65 million shares and net value of Foreign Inflow dropped by 3.37 million US Dollars. Categorically Foreign Individuals remain in net buying of 43000 shares but Foreign Corporates and Overseas Pakistanis remain in net selling of 1.42 and 0.27 million shares respectively. While on the other hand Local banks and brokers remain in net selling of 9.10 and 2.61 million shares respectively but local individuals, companies and mutual funds remain in net buying of 6.94, 6.33 and 0.86 million shares respectively.