The benchmark KSE-100 closed the week in the red with the index down by 101 points with declining volumes.
KSE100 index lost 100.92 points or 0.21% to close at 47,169.84. The index performance remained range-bound for more than a month, trading between 47,000-48,000 as investors remain sidelined amid a lack of triggers.
Investors are wary of the deteriorating situation in Afghanistan and its Geo-Strategic spill-over in Pakistan. Furthermore, Rising COVID19 cases amid the 4th wave, expected Current Account deficit in July, and Pressure on Rupee have led to sentiments changing.
Furthermore, Result Season so far failed to impress, with Quarterly results largely in line or below analysts’ expectations. Hence, the momentum around results is fizzling out.
Sectors pressing the KSE 100 index lower included cement (down 63.32 points), technology and communication (down 29.59 points), and oil and gas exploration (down 28.60 points).
The chart formation reflects that the index could find initial support near 47,100. A break below the aforementioned support could drag the index level towards 46,900 and 46,600 area.
Alternatively, the index seems to face resistance around 47,600pts level. A break from the same could add further gains towards 47,800 and 48,000 area.
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