Daily Briefing: Expect market to remain under pressure with further selling expected in the oil & gas heavyweights. Continuous FI outflow to exert further pressure on the market. According to the National Clearing Co. of Pak net foreign outflow on Oct15 was recorded at US$ 2.40mn. Banks & DFIs net sell was US$ 2.51mn while mutual fund net outflow clocked in at US$ 0.73mn (-) Inbound remittances during 1QFY15 grow 19.52% clocking in at US$ 4.69bn vs. US$ 3.92bn during the same period last year (+) Peshawar High Court has restrained the federal govt. and gas cos. from levying Gas Infrastructure Development Cess (GIDC) from industrial & commercial gas consumers (-) Technical View: Markets failure to register a new high above July14 peak and retreat towards minor averages depict weakness amongst the bulls -reinforcing restrictive stance. With immediate resistance developed around 30,351 - 30,518 levels, expect market weakening towards 29,811 - 29,742 levels. Caution warranted!
Posted on: Thu, 16 Oct 2014 03:52:21 +0000
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