The market appears to be crawling back after its dip below 23,000, a key resistance point. It seems to have overcome its disappointment in the nationalization of three listed banks.
It is important to note that the last time the market dipped below 23,000 was September 29, 2010 (10 months ago). How the market behaves in this delicate range is anybody's guess. Its other two resistance points are 21,000 and 20,000 and clearly should be in the rear view mirror of any close watchers. Prices appear numb to positive reports of company fundamentals as Government and regulator policy actions appear to weigh more on the market.
The current move back up may be encouraged by the new Minister of Finance being sworn in this week. Signaling a return to clear and cordinated policy initiatives (touch wood!). The NSE-ASI closed at 22,724.02 -0.23% (-2.66% in the previous week). Volume for the week was a cumulative 1.76 billion shares (1.70 billion shares in the previous week).
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