Wednesday 9 March 2016
Zafar Stocks PSX 100 Index (Zafar Securities - PSX Pakistan Stock Exchange Broker)
ZSL,Market Recap March 09-2016
Crude oil prices remained in the lime light today more so after a statement by Kuwaiti oil minister “I'll go full power if there's no agreement, every barrel I produce I'll sell” and above expected US inventories reported by API. Yet the bearish news flow failed to keep the oil bulls in check. We saw recovery is crude oil price as traders said that an expected dip in global production due to defaults has driven the gains and according to Moody’s report out of the 18 defaults since the start of the year, half have been in commodity sectors. Five of the defaults were in the oil and gas sector while four were in metals and mining.
Similarly we saw resilience at the local bourse as the 100 index was able to absorb initial turbulence and nicely consolidated at current levels while managing to close slightly shy of the 33k handle. On the other front, sanity prevailed with ENGRO and its subsidiaries (all starting with a capital “E”), talk of the town EFOODS finally slowed down & settled in the negative after rising 22% in previous 4 sessions to close at PkR157.87. The 100 index closed down 74.87 points (-0.23%) at 32,957.98 while market participation remained at 204mn shares. While BOP, SSGC, DCL, PACE and TRG the same old retail favorites stood out as volume leaders.
E&P companies, OMCs, refineries, banks, pharmaceuticals along with steel & allied remained under selling pressure, whereas cements managed to put on a brave stance following news pertaining to ECNEC approving five projects worth PkR85.15bn in health, communication and water supply sectors.
Technically speaking, the 100 index looks set to move past its recent high of 33,211 going forward while it consolidates just below the same level for now. In case selling exacerbates, the 100 index is likely to find support at 32,500.
Zafar Securities Private Limited.
PSX Pakistan Stock Exchange Market Behavior 9 March 2016 With Future Prediction (Zafar Securities Pvt Ltd)
https://soundcloud.com/zafar-stocks/psx-pakistan-stock-exchange-market-behavior-9-march-2016-with-future-prediction-zafar-securities
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