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Foreign investors bought stocks worth $7.7 million taking advantage of an oversold market as against net selling $5.7m last week.
Optimism over a strong holiday sales season and a slight recovery in Oil prices helped to boost the oversold market. However, President Trump's comments to The Wall Street Journal saying that he's still likely to increase tariffs on $200 bln of Chinese goods and slap tariffs on the remaining $267 bln of imports will likely complicate markets further.
As technical indicators suggested an oversold market, Papa Securities expected a short-term bounce.
Volume and Turnover for the 100 Index shot up in tandem with risk appetite (+76 per cent and +101 per cent on d/d basis) as an oversold market rallied amid short squeeze and fear of missing out market bottom.
Investors also took fresh positions in oversold market ahead of the Christmas and new year holidays.
To varying degrees, those concerns have now abated, helping an oversold market to rebound.
Market experts expect the current bull run to be sustained by foreign and retail investors who see potential in an oversold market and amid some attractive share valuations.
Ahsan Mehanti, Director at Arif Habib Investments Limited told The Financial Daily, Bullish activity was witnessed in an oversold market and there was investor interest in oil, fertilizer and banking sectors because of strong valuations.
"Positive activity was witnessed in oversold market ahead of major earnings' announcements this week," said Arif Habib Investments Director Ahsan Mehanti.
An RSI of only 29.8 per cent signifies the much oversold market but one cannot help but be pessimistic for the near to medium term prospect.
The KSE-100 index gained 208.32 points (0.57 per cent) and closed at 36,787.64, underpinned by hefty buying by value hunters in an oversold market.
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- oversocialized conception of Man
- Oversold market
- Overspeed & Directional Detection System