Market remained lacklustre during the week, marked by lack of participation and no significant event for the event leading to volatile movements. KSE-100 index closed the week at 33,672 points shedding 1.5% (518 points) on a weekly basis.
Average volumes in the market dried up as it witnessed a volume of 40 million shares during the week which is second lowest in the last five years period.
Going onwards, Investors are expected to remain cautious as Monetary Policy Announcement is expected tomorrow where Analysts expect further 100 bps rise. Furthermore, Investors remain jittery over brewing political scenario and economic slow down as traders shut down businesses against budgetary measures.
Overall market activity is expected to remain dull with selective buying concentrated in Energy & Power, Banking and Fetilizer sectors.
Technical indicators depitc KSE-100 index support at 33,500 ad resistance at 34,000.
Source: AKD Securities