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Karachi: The Karachi Stock Exchange 100 Index saw a continued decline, closing at 158,465, a drop of 1,636 points. The volume of shares traded fell to 952 million from the previous 1,019 million. The index’s dip below the 50-day moving average (DMA) suggests potential further downside.
The KSE-100 is expected to find support between 157,670 and 158,310 levels. A fall below these levels could lead the index towards 155,144, and subsequently 153,577. Resistance is anticipated between 159,150 and 160,690, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both indicating a negative trend. Investors are advised to remain cautious at current levels.
In individual stock movements, International Steels Limited (ISL) shows a bullish formation at the 200-DMA. The recommended strategy is to ‘buy on dips,’ with target prices at Rs101.88 and Rs106.78, and a stop-loss at Rs93.66.
Pakistan Petroleum Limited (PPL) faces resistance at the 50-DMA. The advised strategy is to ‘sell on strength,’ targeting Rs184.10 and Rs177.63, with a stop-loss at Rs190.33.
These insights and recommendations are provided by JS Global.