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Friday, April 24, 2020

Week 17-2020 : KSE-100 Closes in a Narrow Range

Follow up on our previous midweek update (link) it was mentioned that KSE-100 shall test its intraday support at 31800 +/- 100 or resistance at 33600 +/- 100 on a closing basis to further define trend direction. However, neither of the condition has been fulfilled at week closing and therefore we carry forward our stance to next week. 

Edit 25-Apr: Chart updated with additional marking and enlargement for better visibility. 

Intraday market capitalization declined by -24.72 PKR/billion whereas, WoW average market capitalization appreciated by +181.74 PKR/billion. 

Looking forward, oil price appreciation in international markets, further possibility of rate cut as hinted by Reza Baqir (More steps can be taken on interest rate: State Bank) are positive triggers for the market. 

Happy trading!

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