· Nothing goes up in a straight line, and despite Pakistan having had a record-breaking session at the start of the week, there will always be periods of regress to offset progress.

· Having hit the August highs around 44k (44,511 current intra-week high) the market needs to consolidate Monday’s aggressive gap up before it can target the April highs at 47k.

· Ideally, the KSE-100 needs to see trade inside the large liquidity void (green box) to find fresh demand between 42,650-43,200 which then sets up moves towards 47k.

· Momentum remains very strong in the refinery and power sectors from which HUBC PA has moved to new all-time highs (adjusted for payments) and enters a price vacuum. Declines into PKR 73-76 should be met with strong demand to target PKR 90-100 in the coming months; most definitely one to watch.

Courtesy – AHL