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Monday, September 2, 2019

Update: Monday, September 2, 2019

By: Stock Master
KSE100: We expect market to maintain its downtrend and find support at 29000-28500 which should also be a target for short covering.
However, recent news about update of SECP rules to support market liquidity may yield a slight positive spike temporarily but rest assured, bears will return. Looking at the big picture overall, there is still massive selling pressure coming from mutual funds and insurance companies.
Looking at monthly statistics of August for REG market, mutual funds and insurance companies were dominant sellers while individual were dominant buyers. In FUT market, mutual funds and broker were dominant sellers and individual was dominant buyer.
We are witnessing a change of trend in market players as institutions are exiting and being taken over by individuals. This shows that market is entering an attractive valuation phase where high net worth individuals are investing heavily.

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