Karachi stock exchange maintained grim activity after freezing market on 27 Aug, 2008 Level. depressed volumes are suggesting that Bulls and bears are enjoying the cooling period at least till the presidential election. foreigners were on net buy side which is encouraging as this fresh blood in the market would allow exit to those stuck on leverage. Year to date they remain Net sellers.
On Mere technical ground market is maintaining its strong downward bearish trend. Closing to oversold region a short term pull back cannot be ruled out. However any journey towards north will attract stronger resistance. I would advice to remain sideline and let the political clouds get clear on charts.
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