https://soundcloud.com/zafar-stocks/psx-pakistan-stock-exchange-market-behavior-7-march-2016-with-future-prediction-zafar-securities
Monday 7 March 2016
Zafar Stocks PSX 100 Index (Zafar Securities - PSX Pakistan Stock Exchange Broker)
ZSL, Market Recap March 07-2016
During today’s session the bulls took the reins of the market in their hands and rallied hard to close up 580.86 points (+1.76%) at 33,022.60. The 100 index had closed the previous week on a bullish note, breaking out of its downward trend, after 30 consecutive weeks. The reversal that started on 23rd February, 2016 has reached its ultimate goal of reversing the technical trend of the market. Buying spree was witnessed across the board with major contribution coming from E&P, Fertilizers, Cements, Banks, Multi-utilities, Textile and Pharmaceuticals.
Major contribution to index gains came from FFC, HBL, OGDC, MCB and PPL while contribution towards downside was limited and came from PKGS, MUREB and EFUG. Market participation shot up to 203mn shares compared to 150mn shares in the previous session. With this the 100 index is now up +0.63% YTD.
Technically speaking, market extended its gains from the previous week to re-iterate the technical reversal witnessed on Friday. With major trend line resistance now taken out convincingly we look for 33,300 as our next resistance.
Zafar Securities Private Limited.
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