Fund-buying lifts equity market up

LAHORE - The new equity support fund of Rs 25 billion finally came in, helping the market close up in green at 10,374.30 points, adding another 139.52 points in last closing.
Dealers said that market after initial hesitation gained another 139.52 points and if this is considered major correction it can extend for another day and may gain 300 to 400 points before resuming downward trend.
Trading was reported in 265 scrips and out of those 118 closed in plus column while 133 scrips closed in minus and 14 kept last closings. Though market moved up but volumes moved down and only 93.853m shares were traded. NIB bank remained on top in volumes leaders with traded volumes of 5.989m shares and closed rupees 0.44 down.
Earlier, market after weekend holidays opened 28.54 points plus at 10263.32 points but failed to sustain that level and came down. After some time market attempted another failed upward move and came back in red after spending some time in green. Market slide continued and it went down to 10057.72 points low. At that point market once again made an up wards move and came in plus column.
Future market volume increased and stands at 18.445mn shares as compared to last trading session 5.392mn. Market Capitalization stands over Rs.3.192tr.
Highest volumes were witnessed in NIB at 5.989mn closed at Rs. 9.48 with a gain of Rs. 0.44 followed by DGKC at 4.980mn closed at Rs. 51.03 with a gain of Rs. 2.43 & AHSL at 4.625mn closed at Rs.130.20 with a gain of Rs. 6.20
Free float index opened with plus sign but failed to maintain that and came in minus column just after opening. However it closed with hand some gain of 152.30 points at 11559.58 points after hitting 11175.15 points low and 11561.29 points high. All shares index lost 84.20 points and closed at 7504.82 points.
At Lahore Stock Exchange market closed after putting up 106.49 points in today trading. Traded scrips were 95 in numbers and out of those 36 closed in plus column having clear edge over 19 decliners while 40 scrips remained pegged at last level. Volumes failed to show improvement and declined to 7.796 million shares. NIB bank regained top position in volumes with traded volumes of 1.434 million shares and closed rupees 0.59 plus.  
Trend forecasting oscillators are currently bearish on KSE-100 index. KSE-100 Index is currently 11.1% below its 200-day moving average and is displaying a downward trend.
As far as resistance level is concerned, the market will see major 1st resistance level at 10479.83 and 2nd resistance level at 10585.35 while Index will continue to find its 1st support level at 10163.25 and 2nd support level at 9952.19.