Karachi: Pullback could stretch towards 11510~11550 atop 11070
Extending decline for the third down-week, the benchmark KSE fell 0.99 percent or 113 points last week to settle at 11,262.04 level, with an average turnover of 59.37mn shares (increased 37.9%) against 43.05mn shares exchanged a week earlier.
According to AKD Securities, the Index is positioned 11.79 percent lower from 12768 high registered on Jan 18’11. LOTPTA with an avg. turnover of 4.66mn shares, maintained its lead among the top volume leaders for the week, chased by NBP (4.48mn), ANL (3.54mn), PTC (3.27mn) and FFBL (3.05mn).
With immediate closing location above 11070, temporary relief (pullback) can be suspected towards 11550. However, the near-term picture would remain corrective under 11860. Minor supports are placed at 11253 and 11127 points. A relapse (close) below 11077~11070 would invoke pressure to 10790. Traders who have committed fresh long positions are suggested to reduce exposure at strength to 11550.
LUCK (72.87): Suspect a move towards 76.12. Above there, eye 78.23~ 80.34. Supports at 71.90 and 70.59. Risk 69.29.
POL (348.34): Recovery is sighting 354.70. Further extension would focus 363.8. Supports at 336.50 and 330.87. Stop 325.25.
MCB (176.15): Move expected towards 182.16. Additional strength would eye 187 and 191.84. Supports at 172.49 and 169.50. Vulnerable below 166.51
NBP (46.03): Minor target achieved at 46.05. Could stretch further towards 46.74~47.38. Support in 44.80~44.40. Risk 44.