Karachi: Bears maintained their grip on the Pakistan Stock Exchange as the KSE-100 index closed at 167,691, marking a significant loss of 5,479 points. Trading volume decreased to 461 million shares from 538 million in the previous session, highlighting a decline in investor activity.
According to JS Global, the KSE-100 is anticipated to test support at the 166,887 level, with a potential target of 164,107 if the index falls further. Conversely, any upward movement will encounter resistance within the 169,630-172,390 range. A break above this range could indicate the start of a recovery trend. Current technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are trending downward, reinforcing the bearish outlook. Investors are advised to remain cautious at the current levels, with support and resistance identified at 164,940 and 172,390, respectively.
In corporate news, DG Khan Cement Company (DGKC) is consolidating above the 200-day moving average. The suggested strategy is to 'buy on dips,' with price targets of Rs217.00 and Rs224.61, and a stop-loss set at Rs207.86. Similarly, International Steels Limited (ISL) has shown price stabilization, and a recovery is projected. The recommended approach for ISL is also 'buy on dips,' aiming for price targets of Rs93.89 and Rs98.15, with a stop-loss at Rs87.00.
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