Karachi, October 10, 2018 (PPI-OT): KSE-100; Short term recovery expected
The KSE-100 index showed positive movement as it closed at 38,505, up 607 points. Volumes stood at 225mn shares versus 186mn shares traded previously. The index is expected to revisit yesterday’s high of 39,027; where a break above will kick off the recovery trend with 39,899 in sight. However, a fall below 37,898 will continue the downtrend with 36,622 and 36,023 as the next targets. Meanwhile, the RSI and the Stochastic Oscillator have taken an upturn, suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ for short term gains, with risk defined below 37,898. The support and resistance are at 37,915 and 39,104, respectively.
HUBC: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs90.42 and Rs92.59; stoploss at Rs84.25.
SNGP – Recovery expected
Strategy: ‘Buy on dips’ – targeting Rs85.05 and Rs90.07; stoploss at Rs76.93.