We have witnessed strong Bearish Behavior in market where key benchmark index down more than 1,000 points …
This sluggish performance likely to continue after slight pull-back.
As we have said in our last report that market will continue bearish pressure amid ongoing rising covid_19 cases which are building hefty pressure on economic front along with withdrawal of tax exemptions from key manufacturing corporates would have severe negative impact.
Hence, from the start of the market we observed a selling side remained strong and nosedived index during the session where index lost -1,089.83 (-2.39%) points to settled at 44,431.80 level. KSE100 index volumes stood at 316.168mn shares whereas All Share Market index volumes clocked in at 523.793mn shares.
Major volumes contributed from BYCO (80.249mn shares) followed by PRL (48.963mn shares), ANL (45.630mn shares), TRG (35.297mn shares) and PTC (24.328mn shares).
Major negative contribution came from TRG (-132.90 ppts) followed by LUCK (-58.49 ppts), MCB (-47.33 ppts), HUBC (-40.89) and HBL (-39.26 ppts).
While SYS was the one which contributed around +19.11 ppts during the session.
Technical Stance | Big Bearish Candle – which is indicating strong sell-off during the session where majority of the participants were taking profits. As per FIPI-LIPI Data major sellers were Individuals who sold nearly $4.73mn worth shares followed by Broker Proprietary $3.52mn worth of shares. On the contrary, huge panic selling by two players – still our Banks/DFIs played a role of major supporter to market to curb the sell-off pressure by buying $5.45mn worth of shares followed by Companies & Insurance who bought $2.84mn & $1.45mn worth of shares respectively.
As per technical channel – Major support at near 43,300 – 400 which means more down to 1,000 points from current level. However, immediate support hovering near 44,200 followed by 43,900 level.
Disclaimer: This article is information purpose only.