Karachi, October 11, 2018 (PPI-OT): KSE-100; Recovery to continue
The KSE-100 index extended the gain to close at 38,792, up 287 points. Volumes stood at 199mn shares versus 225mn shares traded previously. The index is likely to revisit yesterday’s high of 38,827; where a break above will continue the recovery trend with 39,899 as the upside target. However, any downside will find support in the range of 38,250-38,505; where a fall below will cause the downtrend to resume with 36,622 in sight. The RSI and the Stochastic Oscillator have generated a Buy signal, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy’ at lower levels, with risk defined below 38,252. The support and resistance are at 38,252 and 39,340, respectively.
HUBC: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs90.12 and Rs92.53; stoploss at Rs86.00.
UBL – Recovery expected
Strategy: ‘Buy on dips’ – targeting Rs153.62; stoploss at Rs138.00.