The index remained under pressure on the back of falling oil prices after OPEC+ deal failed to uplift oil markets. Oversupply glut continues to persist as both Saudi and USA report record inventory building.
Major event today was PIB auction (link) which usually causes downward pressure on equities due to capital drain. On the positive side, yield has dropped significantly which is a positive signal for equities in medium to long term.
Market capitalization registered a negligible loss and index has taken a reverse after breaking 31800 +/- 100. It is likely to revisit the range of 30900-30600 +/- 100 before taking another slingshot. Looking forward, we expect to see some sector-wise disparity and advice to be cautious about protecting profits.
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