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Wednesday, April 1, 2020
Week 14-2020 Mid Update
We reiterate our views posted in previous update ( link ) with 29800-30100 +/-100 being a critical resistance to test the market during the current week.
Capitalization wise, the market has posted a whopping increase of +190.21 billion PKR on Mar-31 which is attributed to March futures settlement in our opinion. The uptrend in capitalization has not shown a consistent pace of growth today with an increase being marginal while the market maintained a see-saw trend intraday. Together these two signals register as signs of exhaustion and we shall watch the market cautiously at its critical resistance.
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...