Karachi, July 05, 2022 (PPI-OT): KSE-100; Low volumes remains a key concern

KSE-100 index witnessed range bound activity to close at 41,348, down 282 points DoD. Volumes stood dull at 87mn shares versus 154mn shares traded previously. The index is expected to re-test support at 41,323 (yesterday’s low) where a fall below that will target the key support at 40,600. However, any upside will face resistance between the 41,450 to 41,685 levels, followed by the 30-DMA at 41,915 where a break above that will extend the gains towards 42,780-42,980. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 41,220. The support and resistance are at 41,219 and 41,581, respectively.

HBL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs96.70 and Rs100.44; stoploss at Rs90.00.

PSO: Correction likely

Strategy: ‘Sell on Strength’ – targeting Rs165.52; stoploss at Rs172.35.