KSE-100 Week 23-2020 Mid Update

Week 23 started on a dull note with range-bound activity persistent so far. The index has managed to break away from its weak resistance of 34100 +/- 100 but did not form a rally yet. The upside potential of 34800 - 35500 +/- 100 remain intact while a probability of moderate correction cannot be ruled out. Any corrective move is likely to re-test 34100 +/- 100 as support which was earlier acting as resistance. 

Another adversely affecting event today was T-Bill auction by SBP. ( Auction Result: SBP Sells T-Bills worth Rs.172.53 Billion )

Market capitalization has fluctuated in a narrow range throughout the current week, with intraday closing values standing higher than  outgoing week average. This demonstrates an ongoing process of consolidation and exchange of hands between sectors.