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Thursday, July 9, 2020

KSE100: Week 28-2020 Mid Update

Update delayed due to power failure caused by rains in Karachi. 

KSE100 has continued to perform remarkably well, breaking above its resistance of 35100 +/- 100 with relative ease, affected only by mild intraday correction. So there is not much to update here other than reiterating our previous expectation about this rally to hit its midpoint at 36300 +/- 300 and then decide its course forward. Breaking the mid-point shall take the market up by leaps of several thousand points but the upcoming result season of Q2-2020 is likely to take its toll as the businesses have suffered the loss of sales and financial contraction due to lockdown. 

To get a good understanding on our historical point of view, please read the previous posts on this blog. 

Market capitalization has shown exponential gains with day to day growth hovering above the outgoing weekly average. Strongly positive sign indeed. 

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