News Desk
 
 
Reclaiming Averages
March 3, 2017 10:52
 
By way of a gap-up candle, the index managed to gain foot-hold above the 21-day average (49,384) yesterday. The strength is pointing at 50,313 level which at best may stretch up to 51,653 level. This view will remain valid till 8th March only. Immediate supports reside around 49,485 and 48,974 levels. A closing break below the later support will expose lower lows below 48,146 level. Preferred investment plays include MCB, SHEL, PSO, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: IDYM, ASRL, PGF, MTL, CSAP, SNGP, PAKT, SSGC, JLICL & BWCL

13-day Laggards: FML, NPL, NCPL, NCL, DAWH, ISL, AKBL, PMPK, HASCOL & SCBPL
---------------------------------------------
Easing Momentum
February 27, 2017 10:26
 
The index is placed below the key 21-day moving average (49,451 level) with easing daily momentum readings. Immediate resistance clustered between 49,214 and 49,768 levels is seen keeping the upside on check. A relapse below 48,529 level can expose deeper correction towards 47,420 and 45,627 levels. A sustained closing break above 49,893 level is required to explore new highs above 50,886 level. Preferred trading plays include MCB, SHEL, PSO, AICL, SNGP, SSGC, STCL, KEL & LOTCHEM.

13-day Leaders: ASRL, JLICL, SHEL, IDYM, SNGP, SSGC, BWCL, PIOC, SRVI & NESTLE

13-day Laggards: JSCL, ISL, AKBL, PTC, TRG, NPL, NPL, EFOODS, FEROZ & FML
---------------------------------------------
Defying Gravity
December 15, 2016 09:20
 
Despite heating daily momentum readings, the benchmark KSE continues to march higher. With any downside seen cushioned by supports clustered between 45,270 and 44,525 levels, the bullish trend may extend up to 46,767 and 47,692 levels. A three-day closing break below 43,774 level will terminate the bullish progression and induce near-term correction. Preferred trading plays include PPL, OGDC, PSO, SHEL, ENGRO, PAEL, NBP, MCB, IGIIL, AICL & KEL

13-day Leaders: MARI, PMPK, ICI, NATF, IDYM, POL, LUCK, MEBL, ASRL & MTL

13-day Laggards: SSGC, BOP, NCL, FML, HASCOL, PAEL, ARM, FFBL, SHFA & OLPL
---------------------------------------------
Bullish Trend Continues Amid Heating Momentum
December 13, 2016 09:20
 
The bullish trend continues amid heating daily momentum readings. Expect continuation towards 46,767 level with immediate support placed around 44,525 level. A three-day closing break below 43,774 level will terminate the bullish progression and induce near-term correction. Preferred trading plays include PPL, OGDC, PSO, SHEL, ENGRO, PAEL, NBP, MCB, IGIIL, AICL & KEL

13-day Leaders: IDYM, NATF, BWCL, ASRL, IGIIL, MARI, LUCK, ICI, SRVI & DGKC

13-day Laggards: SSGC, SNGP, BOP, HASCOL, JSCL, PAEL, PICT, COLG, CPPL & TRG
---------------------------------------------
Resistance Expected Around 43,497 Level
November 14, 2016 09:08
 
The index can extend its rally up to 43,497 level (valid for 3 sessions only) rising in wave v to complete the bullish cycle for minute wave 1. Immediate support resides around 42,678 level. A relapse below 42,171 level would terminate the bullish sequence and expose short-term correction in wave 2.

General Outlook: According to our preferred Elliott wave count, the index striding in the fifth primary degree wave has attained first objective of 42,159 level. This wave can stretch beyond level 45,000 level with any minute correction seen neutralized by a strong cluster of supports between 37,432 and 34,511 levels. It is advised to keep enough liquidity to accumulate positions on such correction. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: ISL, SSGC, ICI, MTL, MLCF, FABL, FCCL, PIOC, NCL & IBFL

13-day Laggards: MUREB, COLG, CPPL, BNWM, PAKT, GHGL, OLPL, HUBC, HUMNL & OGDC
---------------------------------------------
Breakdown From Rising Wedge Likely
October 25, 2016 09:10
 
The benchmark KSE slid 1.06% yesterday towards the lower boundary of rising wedge pattern which has been worrying me recently. Expect pressure building towards 40,688 and 40,070 levels with nearby resistance levels placed around 41,070 and 41,306 levels.

Trading Picks Include PSO, HUMNL, NRL, FFC & EFERT

General Outlook: According to our preferred Elliott wave count, the index is striding in the fifth primary degree wave possibly scoping for 42,159 level which may stretch beyond 45,000 level. Any minute correction would seek support between 37,432 and 34,511 levels. It is advised to keep enough liquidity to accumulate positions on such correction. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: PMPK, HASCOL, SNGP, APL, NESTLE, GHGL, CSAP, JDWS, BOP & COLG

13-day Laggards: MUREB, OLPL, KOHC, SRVI, BWCL, NATF, FATIMA, FEROZ, PTC & ISL
---------------------------------------------
Trapped In The Rising Wedge Formation
October 24, 2016 09:18
 
Failing to clear the ascending wedge resistance, the index eased 0.61% on Friday. Expect immediate support around 41,180 level allowing weak inner recovery towards 41,405 and 41,550 levels. We prefer avoid giving any immediate aggressive target awaiting a clear breakout on either side from this pattern.

Trading Picks Include PSO, HUMNL, NRL, FFC, FFBL , EFERT & IGIIL.

General Outlook: According to our preferred Elliott wave count, the index is striding in the fifth primary degree wave possibly scoping for 42,159 level which may stretch beyond 45,000 level. Any minute correction would seek support between 37,432 and 34,511 levels. It is advised to keep enough liquidity to accumulate positions on such correction. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: PMPK, BOP, SNGP, HASCOL, GHGL, CSAP, IDYM, APL, AKBL & PICT

13-day Laggards: MUREB, KOHC, BWCL, OLPL, NATF, MLCF, FATIMA, LUCK, EFUG & SSGC
---------------------------------------------
Momentum A Concern
September 19, 2016 09:05
 
Continuation of bullish trend is seen headed towards 40,560 level. However, diverging daily momentum readings and lack of leadership from main board stocks questions sustainability of bull trend. On the downside, a relapse below 40,050 level would expose initial weakness towards 39,537 and 39,296 levels. Restrict strategy to intraday trades only / Reduce exposure on strength towards 40,560 level. Trading picks include PTC, TRG, SNGP, LOTCHEM, MCB & HUMNL.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction (wave (4)) would seek supports around 37,432 and 34,511 levels. Investors are advised to accumulate positions on weakness up to 37,432 and 34,511 levels. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: BOP, GHGL, HCAR, SRVI, SHEL, INDU, TRG, SSGC, NATF & PSMC

13-day Laggards: IDYM, MLCF, KOHC, FML, PAKT, SPWL, DGKC, EFUL, LUCK & PIOC
---------------------------------------------
The Ball Is Still In The Bulls Court
August 8, 2016 09:14
 
The benchmark KSE continues to ease lower for the fourth consecutive session. The bullish trend is assumed safe above 39,250 level (closing basis) with the 14-day RSI (60.56) above 50% reading. Recovery through 39,687 level would set continuation towards 39,928 and 40,560 levels. Trading picks include OGDC, DAWH, EFERT, SSGC, ICI, KEL, PSO, LOTCHEM & MCB.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction (wave (4)) would seek support around 34,511 level. Investors are advised to accumulate positions on weakness up to 34,511 level. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: FML, THALL, MUREB, SPWL, SHEL, NCL, SHFA, BAFL, PAEL & CPPL

13-day Laggards: OGDC, PPL, HUMNL, POL, GLAXO, ARM, KAPCO, MLCF, BATA & PIOC
---------------------------------------------
Pit-Stop
July 18, 2016 09:02
 
Expect support around 39,040 level absorbing any immediate pressure induced from Friday’s Doji session. The short-term bull trend is assumed safe above 38,948 level with active upside objectives of 39,570 and 39,955 levels. Trading picks include PAEL, KEL, PSO, PTC, PKGS, SNGP, MCB & FFBL.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction (wave (4)) would seek support around 34,511 level. Investors are advised to accumulate positions on weakness up to 34,511 level. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: ISL, HASCOL, INDU, SNGP, BNWM, IBFL, PIOC, HCAR, ABOT & IGIIL

13-day Laggards: FML, EFOODS, JGICL, RMPL, KAPCO, SCBPL, OLPL, BAHL, PSEL & COLG
---------------------------------------------
Regaining Momentum
July 11, 2016 08:58
 
A tweezers bottom marked at 36,825 level can support a move towards 39,380 level with inner resistance placed around 38,404 level. Immediate supports reside around 37,801 and 37,429 levels. Recovering daily momentum readings are supportive of bullish stance. Trading picks include ATRL, ENGRO, NRL, SNGP & BAHL.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level attainable by the mid of 2017. Any interim correction (wave (4)) would seek support around 34,511 level. Investors are advised to accumulate positions on weakness up to 34,511 level.

13-day Leaders: PAKT, SCBPL, PSEL, NRL, ABOT, DAWH, BATA, ATRL, IBFL & HMB

13-day Laggards: FML, RMPL, JGICL, NML, NCL, HUMNL, IGIIL, PSMC, BNWM & ASRL
---------------------------------------------
34k Psychological Level Keeping Upside On Check
April 11, 2016 09:09
 
Market’s inability to clear the 34k psychological level amid overbought daily momentum readings hints weakness in upwards momentum. Any immediate weakness towards 33,862 level in our opinion would confirm an immediate top and expose pressure towards 33,742 and 33,547 levels. On the upside, a break above 34,007 level is required to allow minute bullish continuation towards 34,227 level. Preferred trading picks include BAFL, UBL, HBL, MCB, HUMNL & KEL.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: TRG, NESTLE, JSCL, KTML, CHCC, HUMNL, ISL, PTC, HCAR & MLCF

13-day Laggards: MUREB, SCBPL, IDYM, ASRL, EFUG, BOP, JDWS, RMPL, MCB & HBL
---------------------------------------------
Minor Consolidation
March 28, 2016 09:18
 
Minor consolidation is underway ranged between 33,211 and 32,523 levels. We continue to sight possibility of continuation towards 33,422 level which may stretch up to 33,979 level as long as the index is holding above 32,523 level. On the contrary, violation of this support would put an immediate top which can expose weakness towards 32,123 and 31,478 levels.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: PUNO, CHCC, FML, ACPL, PIOC, EFUL, ARM, FCCL, PPL & PAKCEM

13-day Laggards: FATIMA, PSMC, JSCL, AHCL, EFERT, SCBPL, PIBTL, BNWM, LPL & TRG
---------------------------------------------
Regaining Momentum
March 18, 2016 09:27
 
Yesterday’s strength indicates resumption of short-term bullish momentum. Expect continuation towards 33,422 level which may stretch up to 33,979 level. Immediate support resides around 32,867 level. Need a break below 32,511 level to turn bearish.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: EFOODS, ACPL, FML, PGF, CHCC, SEARL, EFUG, PIOC, TRG & GLAXO

13-day Laggards: ASRL, LPL, FATIMA, PKGP, PUNO, IDYM, BATA, BAFL, IBFL & AHCL
---------------------------------------------
Momentum Still Pointing Downwards
March 16, 2016 09:14
 
The daily momentum is still pointing downwards. Failure to defend an immediate support around 32,511 level would expose weakness towards 32,131 level. Such action would be seen as a bearish sign. On the upside, the bulls must hit 33,079 level to regain the foot-hold.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: EFOODS, ACPL, FML, ENGRO, LUCK, TRG, GLAXO, DAWH, CHCC & MLCF

13-day Laggards: OLPL, HUMNL, ARM, IBFL, LPL, PUNO, IDYM, BATA, SHFA & BAFL
---------------------------------------------
Daily Momentum Pointing Downwards But On Shrinking Volume
March 14, 2016 09:17
 
With the daily momentum pointing downwards, the index is approaching a support around 32,378 level coinciding with the 10-DMA (32,363). Any immediate recovery owing to shrinking volume would need to hit 32,853 level to negate such weakness and permit strength towards 33,057 and 33,387 levels.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: EFOODS, FFBL, ACPL, JSCL, ENGRO, LUCK, TRG, FML, MLCF & PAEL

13-day Laggards: ARM, HUMNL, OLPL, PUNO, SCBPL, IDYM, BATA, SHFA, PKGS & BNWM
---------------------------------------------
Snapping A Ten-Day Rally
March 10, 2016 09:34
 
The index eased 0.23% yesterday after ten consecutive up-sessions as investors opted profit booking at daily overbought readings. Pressure below 32,892 level can expose weakness towards 32,696 and 32,378 levels. On the upside, recovery through 33,100 is required to set continuation of bullish momentum towards 33,228 and 33,436 levels.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: EFOODS, FFBL, JSCL, ACPL, ENGRO, OGDC, POL, TRG, SHEL & EFERT

13-day Laggards: ARM, OLPL, HUMNL, PUNO, IDYM, LPL, AICL, FABL, ABOT & PSEL
---------------------------------------------
Overbought Daily Momentum
March 9, 2016 09:21
 
Yesterday’s candle shows exhaustion in upwards momentum at completion of 50% retracement at 33,128 level as profit booking surfaces due to daily overbought readings. Any retreat towards 32,892 level today can expose weakness towards 32,696 and 32,378 levels. Ability to clear 33,341 resistance will complete the 61.8 Fibonacci retracement at 33,917 level.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: EFOODS, JSCL, FFBL, ENGRO, POL, OGDC, NBP, SHEL, FFC & TRG

13-day Laggards: ARM, OLPL, HUMNL, PUNO, FABL, IDYM, LPL, AICL, PSEL & BNWM
---------------------------------------------
Adjusting Daily Momentum; Overriding Trend Remains Bearish
February 29, 2016 09:23
 
Last week’s recovery is seen as a mere adjustment to the daily momentum readings. Lack of volume and oscillation of 14-day RSI within the boundaries of bear market momentum readings are supportive of bearish theme. Nearby resistance levels around 31,389 and 31,702 are seen blocking any further strength. Overriding trend remains down below 32,851 level with active objectives of 29,023 ~ 28,758 and 26,658 levels.

According to our preferred Elliott wave count, the index is correcting lower in the fourth primary degree wave which is retracing the most powerful third primary degree multi-year rise that started off from Aug’11 low of 10,760 level, and zoomed towards Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 high of 36,471 level. Entering the final and dangerous wave (C) fall, the KSE-100 Index has attained our minimum downside objective of 30,063 level. Extremely weak momentum readings suggest that this fall can deepen towards 27,232 — 25,779 levels in expanding flat scenario. Completion of ensuing primary degree correction / consolidation continuing since Feb’15 would mark the fourth primary degree wave bottom to initiate a renewed bull market in the fifth Elliott wave rise. We continue to prefer a defensive stock selection strategy at present waiting for the correction / consolidation to complete its structure.

13-day Leaders: FML, JDWS, POL, MUREB, EFUG, NBP, JGICL, GATM, IGIIL & SHFA

13-day Laggards: ARM, SSGC, PSMC, FEROZ, OLPL, EFOODS, PKGS, MARI, AKBL & SEARL
---------------------------------------------
Bearish Theme In Play
February 22, 2016 09:16
 
Bearish theme remains intact contained with a falling channel with the 14-day RSI trapped in the bear market momentum oscillation readings. Immediate weakness towards 30,485 level would expose much deeper supports around 29,023 ~ 28,758 and 26,658 levels. Nearby resistance clustered between 31,389 and 31,702 levels is seen blocking any recovery attempt.

According to our preferred Elliott wave count, the index is correcting lower in the fourth primary degree wave which is retracing the most powerful third primary degree multi-year rise that started off from Aug’11 low of 10,760 level, and zoomed towards Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 high of 36,471 level. Entering the final and dangerous wave (C) fall, the KSE-100 Index has attained our minimum downside objective of 30,063 level. Extremely weak momentum readings suggest that this fall can deepen towards 27,232 — 25,779 levels in expanding flat scenario. Completion of ensuing primary degree correction / consolidation continuing since Feb’15 would mark the fourth primary degree wave bottom to initiate a renewed bull market in the fifth Elliott wave rise. We continue to prefer a defensive stock selection strategy at present waiting for the correction / consolidation to complete its structure.

13-day Leaders: JDWS, FML, POL, EFUG, EFUL, GHGL, SNGP, IBFL, ABOT & DAWH

13-day Laggards: SSGC, FEROZ, PSMC, PAKT, ARPL, EFERT, ACPL, NCL, EFOODS & PKGS
---------------------------------------------