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Friday, May 15, 2020
Week 20-2020 Closing Notes: The Bulls Take Charge
After narrowly treading between a major support and resistance zone, KSE100 finally rises above 33600 +/- 100 and shows another day of strong performance. In previous sessions, the index has continued to see-saw without hitting any major support or resistance firmly and was dubbed the "snake dance". Looking forward, the momentum is expected to remain positive with 34100 +/-100 posing as a weak intraday resistance. While the market channel top remains unchanged at 34800-35500 +/- 100. Buy the dip should be the stance. Another 100 BPS rate cut will be a positive sentiment driver. (SBP cuts interest rate by 100bps to 8%)
Intraday market capitalization has gained +48.06 PKR/Billion while weekly average capitalization once again shows weakness with a meagre gain of +10.48 PKR/Billion.
at May 15, 2020
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