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Wednesday, May 6, 2020

Week 19-2020 Mid Update

KSE100 has continued to dip since the week opening, treading closer to our third scenario as per the previous update (link-1). Looking forward the trend so far has remained sideways and we expect a moderate dip ahead to act as a refresher and recharge the bulls for taking it to the next resistance level.  Support falls at 33600-32800 +/- 100 and resistance remain steady at 34800 - 35500 +/- 100.

Market capitalization has been fluctuating in a narrow range with no significant gains or losses so far. 

Major event today was PIB auction which has bought in mixed results. Source: Auction Result: SBP Sells T-Bills worth Rs.418.37 Billion (May 06. 2020)