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Friday, December 27, 2019

Week 52 - Closing Notes : 40900 Pain Lives On!

Last trading week of 2019 closed in the negative on the back of probable profit taking and margin calls by various brokers for annual closing procedures. 40900 +/- 100 once again came into spot light, as it was previous day resistance acting as today's support. 

Looking at the big picture, market has remained range bounce since week 50-2019 and 40900 +/- 100 has remained an unbeaten challenge needing a clean break. 

Market capitalization fell on DoD and WoW basis leaving much to be desired. Index capitalization lost -136.28 Billion PKR over the week making an average lower than week 50. 

This is serious bearish sign awaiting to be confirmed in next trading session. We expect index to remain under pressure during week 01-2020 with potential for improvement on the back of new year buying spree by investor.

Index support-pivot-resistance for Jan 2020 lies in sequence of 39500 - 40600 - 41800 +/- 100. 

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