KSE100 closed another week in the positive territory, making it a continuous three weeks winning streak. The week closed with net positive gains of +263 points or +0.62%. A meager gain as compared to the earlier two weeks and a possible signal of bulls exhaustion.
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Monday, December 14, 2020
KSE100: Week 50-2020 - A Hatrick of Wins!
Market capitalization demonstrated gains across the entire week but net weekly average gain remains a fraction of the previous week although no aggressive profit booking was observed during the last trading session. Looking at the historical chart, gains are being tapered off as they reach their critical level of 8000+ billion/PKR. This validates our previous stance that the market will have to demonstrate its ability at attracting fresh inflows to break through the 43000 +/- 300 barrier and reach a new high.
Events that may influence the equities market are PIB & MTB auctions on 16-Dec and 30-Dec. Ijara Sukuk auction on 17-Dec.
Happy trading and if you found this analysis helpful then please comment below!
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