Karachi, June 11, 2019 (PPI-OT): KSE-100; Slide to continue
The KSE-100 index extended the decline to close at 34,568 (-938 points). Volumes stood at 92mn shares versus 125mn shares traded previously. The index has dropped below the 30-DMA that will now restrict upside at 35,353. However, a fall below 34,468 (yesterday’s low) will lead to further decline towards 33,951, followed by 32,352. The RSI and the MACD have shown weakness, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, keeping stoploss above the 30-DMA. The support and resistance are at 34,199 and 34,940, respectively.
PPL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs146.86 and Rs142.76; stoploss at Rs161.00.
UBL: Corrective trend ahead
Strategy: ‘Sell on Strength’ – targeting Rs148.20 and Rs144.44; stoploss at Rs159.49.