Karachi, March 18, 2019 (PPI-OT): KSE-100; Slide to continue
The KSE-100 index extended the decline to close at 38,307 (-502 points). Volumes stood at 129mn shares versus 86mn shares traded previously. The index is expected to revisit Friday’s low of 38,187; where a fall below will continue the downtrend with 37,330 as the downside target. However, any upside will face resistance in the range of 38,440-38,720. The RSI and the MACD have continued to decline, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, keeping stoploss above 38,720. The support and resistance are at 38,023 and 38,593, respectively.
ENGRO: 200-DMA to restrict upside
Strategy: ‘Sell on Strength’ – targeting Rs306.55; stoploss at Rs320.87.
DGKC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs79.10; stoploss at Rs88.90.