The week started off with the COVID-19 Omicron variant washing global markets into deep red, causing the index to briefly hit its second major support at 42800 +/- 300. Given the force majeure situation, no technical or fundamental reaction is expected at the bourse. Looking forward, instability is expected to prevail until global stability begins to take shape. Further development at the bourse will depend on the next policy rate announcement.
Another cause of major concern is the steep hike in Pakistan's bond yields. There has been a sharp almost-vertical hike causing major concerns on a further hike of interest rate. Which may prove devastating for the stock market. Average weekly capitalization once again fell in the red, wiping out any gains hoped at the start of the week. Events that may impact the bourse are Ijara Sukuk auction on 9-Dec.