JS Securities Limited - Pakistan Market: Technical Outlook (January 19, 2023)

FLASHNEWS:

Fertilizer Companies in Pakistan Forecast to See Profit Gains in First Quarter Despite Pricing Hurdles

Karachi Stock Exchange Closes Up 230 Points Driven by Late Gains in Energy Stocks

KSE-100 Shows Bullish Trends But Faces Resistance Ahead

Currency Fluctuations Continue in Pakistan as Exchange Rates Show Slight Increases

KSE-100 Closes Above 70,000; Analysts Urge Caution Amid Overbought Indicators

Karachi Business Leader Criticizes Past Policies for Economic Setbacks, Urges Agricultural Focus

Bank Al Habib Enhances Mobile and Netbanking Security to Counter Digital Scams

Islamabad Police Introduces ‘Knock the Door’ Campaign to Register Tenants and Workers for Increased Safety

FBR Targets Lahore’s Tax-evading Industrialists and Businessmen

FBR to Suspend SIM Cards of 1.8 Million Tax Non-filers in Compliance Push

Saudi Arabia to Invest $1 Billion in Balochistan’s Reko Diq Mining Project

Karachi’s Electricity Maintains Stability Despite Rainy Conditions

SMEs Identified as Crucial for Pakistan’s Economic Growth Amidst Challenges

IFC Backs PTCL Group’s Acquisition of Telenor Pakistan with Financing

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JS Securities Limited – Pakistan Market: Technical Outlook (January 19, 2023)

January 19, 2023

Karachi, January 19, 2023 (PPI-OT): KSE-100; A short term recovery to continue

KSE-100 index showed positive movement to close at 38,791 level, up 449 points DoD. Volumes stood at 153mn shares versus 206mn shares traded previously. The index is likely to revisit yesterday’s high of 38,946 where a break above that will target 39,389, which could later extend to 40,089. However, any downside will find support in the range of 38,380-38,670. The Stochastic Oscillator has improved and the RSI has generated a Buy signal, supporting the recovery view. JS Securities Limited recommends investors to ‘Buy’ for trading gains, keeping stop-loss below 38,258. The support and resistance are at 38,384 and 39,072 points, respectively.

SNGP: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs38.41; stoploss at Rs35.21.

PPL: Bullish crossover expected

Strategy: ‘Buy on dips’ – targeting Rs73.09 and Rs77.31; stoploss at Rs65.42.