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Saturday, January 25, 2020
Week 04-2020 Closing Update
Market took a beating for entire week but managed to close higher than its intraday opening on last trading day of the week. We attribute this spike to short covering as Feb futures open for trading in week 05-2020.
WoW basis, market capitalization has registered an average fall of -93.19 billion PKR.
Looking forward, we expect correction trend to continue until healthy consolidation is achieved. Expected support range is 41800-41300-40900 +/100 points. Critical dates are 19-Feb for PIB auction and 29-Jan, 12 Feb, 26-Feb for MTB auctions. These events always have a potential to make their impact on the market.
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...