Pakistan Stock Exchange largely remained volatile during the previous week, closing at 44,821 points, up 0.8% from last week . The index had rebounded sharply from around the medium-term target of around 43,000 points gaining back all of its early weekly losses, forming a weekly bullish hammer candle formation, and closing just below our re-entry level of around 44,843 points.
Uncertainty over IMF program outcome and concerns over civil-military leadership over the appointment of new ISI chief fueled the market volatility.
As last week’s volume was well above the average, closing above the re-entry level will pave the way for more advances toward the zone around 47,000 points.
Flow wise, Insurance companies were net buyers of US$12.2mn followed by Mutual Funds net buy of USD3.4mn while Corporates stood with net sell of US$3.3mn followed by Individuals net sell of US$3.2mn.
Market direction is expected to remain uncertain appointment of DG ISI still remains at larges, while negotiations with IMF resumes today with IMF expected to keep a tough stance.
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