Bears roasted a special steak party on Friday as the index unexpectedly lost over -600 points intraday amid a change of trading hours. Overall week losing observed a loss of -444 index points or -0.99%. Which is slightly lower than the week before that. The index has retained itself below the pivot point therefore it remains bearish. 43800 +/- 300 is major support that may render a weak bounce. We expect the market to show some positive recovery between mid-May to mid-June, most probably on post-Ramadan re-opening. All major support and resistance levels are marked on the chart below.
The average weekly market cap once again dropped by -24.66 Bn/PKR but when compared to the index point drop, the losses are really meager. Which signals are bottom out soon but the pressure persis so a wait and see approach is advised.
Financial events which may impact the equities market are MTB and PIB auction on 6-May. OMO injection of 1,622.80 Bn/PKR was on 30-Apr.