JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- September 22, 2022 (PPI-OT)

KSE-100; Slide to continue

KSE-100 index continued its declining trend to close at 40,966, down 255 points DOD. Volumes stood at 170mn shares versus 157mn shares traded previously. The index is expected to re-test support at 40,872 where a fall below that will target 40,670 which could later extend to 39,540.

However, the initial resistance lies in the range of 41,250-41,360 where a break above this range will target the 50-DMA at 41,782. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to view any upside as an opportunity to 'Sell'...