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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