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KASB Securities Limited and Economics Research- The Keystone – Equities

Karachi: KSE‐100: Formation is a bullish divergence According to KASB Securities Limited,

• Despite its negative closing, the index registered a higher high and a higher low while maintaining its gradual uptrend.

• The Stochastic Oscillator maintains its uptrend as well as buy signal, while the RSI continues to hover in the oversold region. This makes Friday’s formation a bullish divergence.

• KASB Securities recommends accumulating on weakness.

Analysis and Overview:
The index opened marginally positive and remained range‐bound throughout most of the session. However towards the end of the session, the index witnessed pressure to close marginally in the red. Volumes showed a decline of 7.84% and stood at 53.87 mln. Despite its negative closing, the index registered a higher high and a higher low while maintaining its gradual uptrend.

The Stochastic Oscillator maintains its uptrend as well as buy signal, while the RSI continues to hover in the oversold region. This makes Friday’s formation a bullish divergence. Other trend indicators are starting to turn bullish as well. In the immediate term, the possibility of a consolidation cannot be ruled out.

KASB Securities recommends accumulating on weakness.

The first support is at 11,187 points and the second support is at 11,118 points. The first resistance is at 11,342 points and the second resistance is at 11,421 points.

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