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Wednesday, December 4, 2019

KSE 100 Index - The Surge Back - Update 04 Dec

Index opened at dip but quickly began to move upwards before touching its expected support level, showing off a strong investor interest in buying the dips. 3 Dec, support of 40,000 acted as an intraday resistance broken by relative ease at second attempt giving the much needed closing above 40000 required to maintain bullish momentum. We maintain our highly saturated stance on the index and expect to hit its 52 weeks high of 41700 +/- 100 points by mid December 2019 which may set in another correction wave due to profit taking. 

Major event today was State Bank MTB auction ( link here ) but it failed to make any significant negative impact on PSX investor sentiments. 

Maintain trailing stops to protect your profits and buy the dips. New positions should be opened carefully and only in scrips which are not top saturated.

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