KSE100 observed a range-bound session across the week, moving between its resistance of 46800 +/- 300 and pivot at 46100 +/- 100. The continues to show a weakening trend. Support and resistance as iterated before remains valid and also marked on the chart below. Looking forward, we expect the index to open green during the week ahead then carry its course of correction as usual. Weekly closing was observed with a net gain of +419 points or +0.92%.
Weekly closing saw a net loss of -13.85 billion/PKR - a negligible figure but affirms the view towards the ongoing correction cycle. The reporting format of the chart has been updated to reflect 60 weeks of trailing capitalization. The linear trend line has started to slope upwards and we expect a strong bullish rally due, once it crosses the vertical resistance line. (Color of the linear trend line has been changed for better visibility.)
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[Edit 1-Mar: inaccurate capitalization data is corrected and the chart is updated to reflect the correction.]