Karachi, December 11, 2019 (PPI-OT): KSE-100; Consolidation expected
The KSE-100 index posted a gain of 222 points to close at 40,665. Volumes stood low at 255mn shares versus 320mn shares traded previously. The index is expected to face resistance in the range of 40,700-40,990 where a break above will cause the uptrend to resume with 41,617 as the next target. However, any downside will find support at 40,259 where a drop below will continue the corrective trend with 39,447 as the downside target. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 40,990. The support and resistance are at 40,425 and 40,906, respectively.
FFC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs100.21 and Rs97.60; stoploss at Rs105.49.
UBL: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs158.23 and Rs152.66; stoploss at Rs168.49.