Refineries will remain under pressure while OEP sector will perform on the back of rising crude. Cement, Steel & Pharma will remain in focus while 40900 +/- 100 will continue to pose tough resistance.
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Friday, December 13, 2019
Week 50 Closing Notes
In week 50 opening notes ( link here ) we have mentioned that
For the first time today, Index managed to break free from its 40900 pivot and touched the upper band of resistance at 41000, briefly sustaining it. This is a positive sign for sessions coming ahead. Views on week 51 will be shared as a separate post on Sunday, 15 Dec.
DoD basis, market cap increased by 75.04 billion PKR which demonstrates increased investment inflows into the market.
Week 50 average market cap was 7,823.45 billion PKR.
PSX Market Cap in PKR/Bn
(Source: JS Global Daily Market Wrap)
Technically speaking, 42800 +/- 300 is proving to be a firmly held bottom but overall bears refuse to surface. The major trend remains side ...
The week started off with the COVID-19 Omicron variant washing global markets into deep red, causing the index to briefly hit its second ma...