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Friday, July 10, 2020

KSE100: Week 28-2020 Closing Notes - No Fear

Following up from our previous update, the index is now facing its mid-point resistance at 36300 +/-300 and despite attempts during intraday, it is still struggling to break out from here. We may see multiple rejections with choppy market for ahead for next few sessions. Game in on as per our prediction. Correction is also due in overbought sectors.  A clean break from this level is required for further upside and we expect the market will reach its pre-COVID19 levels as the next channel top of major trend.  

Looking forward, its business as usual. 

Capitalization remained strong throughout the week, with daily growth leading ahead of the outgoing weekly average. The last trading day of the week saw a gain of +7.03 billion/PKR while the weekly average gained +188.09 billion/PKR. 

Good luck and happy trading!

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