Pakistan Market: KSE-100 Expected to Consolidate Below Key Technical Level

Karachi, The Pakistan Stock Exchange's KSE-100 index is anticipated to experience consolidation below its 30-day moving average following a slight downturn in its latest session. The index, after hitting a low of 71,782, recovered slightly to close at 73,754, marking a decrease of 109 points day-on-day. Trading volumes increased significantly, with 560 million shares exchanged compared to 353 million in the previous session.

According to JS Global, the KSE-100 is projected to remain below the 30-day moving average, currently at 73,891. A break above this level could push the index towards 74,543 and subsequently 75,294. Conversely, any decline should find support around the 73,146 mark. The indicators present a mixed outlook, providing no definitive direction for traders. Investors are advised to exercise caution and await more favorable market conditions. Support and resistance levels are identified at 72,390 and 74,510 respectively.