Karachi, December 31, 2018 (PPI-OT): KSE-100; Downside target expected at 36,274
The KSE-100 index resumed the downtrend to close at 37,167, aloss of 687 points. Volumes stood at 174mn shares versus 104mn shares traded previously. The index is expected to revisit Friday’s low of 36,919; where a fall below will extend the decline towards 36,274. However, any upside will find resistance in the range of 37,325-37,625. Meanwhile, the RSI and the Stochastic Oscillator have shown weakness, supporting a negative view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above 37,623. The support and resistance are at 36,717 and 37,623, respectively.
ENGRO: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs288.00; stoploss at Rs311.89.
UBL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs122.12; stoploss at Rs131.99.