Islamabad, The Karachi Stock Exchange (KSE-100) index experienced a tumultuous trading session, ultimately closing at 56,666, marking a modest increase of 142 points from the previous day. Trading volumes registered at 524 million shares, a decline from the prior session's 661 million shares.
According to JS Research, the KSE-100 index is poised to potentially revisit its recent peak of 56,874. Surpassing this level could propel the index towards an upward trajectory, targeting 57,405, with potential to extend further to 59,294. Conversely, any downward trend is anticipated to find support within the 56,230 to 56,550 range. The current market pattern, identified as a Spinning Top, signals a phase of consolidation at these levels. Analysts advise investors to exercise caution, particularly at higher market levels, and to consider buying on dips.
Specific stock strategies were also highlighted in the report. For Maple Leaf Cement Factory Limited (MLCF), the recommended approach is 'Buy on dips', with target prices set at Rs39.59 and Rs42.68, and a stop loss at Rs37.86. Conversely, for Honda Atlas Cars (Pakistan) Limited (HCAR), the suggested strategy is 'Sell on Strength', targeting Rs164.15 and Rs155.01, with a stop loss at Rs178.00.
The current market conditions in Pakistan suggest a period of cautious observation and strategic investment decisions, as the KSE-100 index shows signs of consolidation amid fluctuating trading volumes.