PSX Daily Market Review 29 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 34269.28 points and spiked towards day high of 34580.97 but could not become able to amend its opening price to post a new day low therefore opening price and day low remain same during last trading session while session suspended at 34503.64 points with net change of 234.36 points and net trading volume of 152.41 million shares. Daily trading volume of KSE100 Index listed companies increased by 16.44 million shares or 12.09% on DOD bases. Market Capitalization of KSE100, ALLSHR and KSE30 increased by 11.48, 47.47 and 10.31 billion Rs or 0.62, 0.67 and 0.85% respectively on DOD bases.
Foreign investors remain in net selling of 5.8 million shares and net value of Foreign Inflow dropped by 5.5 million US Dollars. Categorically Foreign Individuals and Corporates remain in net selling of 0.12 and 6.96 million shares respecitvely but Overseas Pakistanis remain in net bying of 1.27 million shares. While on the other hand Local individuals, companies and banks remain in net selling of 8.34, 0.4 and 3.15 million shares respectively but local mutual funds and brokers remain in net buying of 8.74 and 7.33 million shares respectively.