Index of Karachi Stock Exchange (KSE) increased today. This increase broke its 50DMA but the volumes decreased in value.
According to experts, Oil and Gas Development Company (OGDC) and MCB are thought to gain positivity. Among the other heavy weight stocks are POL and Pakistan State Oil, which showed major losses in last few trading sessions but have again attracted buying interest. According to DAWN correspondent, “Cement stocks also remained in limelight amid expectations of better sales for March quarter.”
It has also been expected that the index would rise to the range of 27,025-27,100. Among the technical indicators, Stochastic and RSI are showing the signs of good stock market in the future. However, according to experts, it is better to trade on the basis of intraday and try to move out at the expected range of prediction, i.e. 27,025-27,100.
IMF approved loan of about $556m and this is also one of the reasons of rebound of the index.
KSE-100 index recovers 278 points – DAWN (http://goo.gl/RVBv7F)