Pakistan Stocks May Undergo Corrective Trend

Karachi, July 16, 2023 – Analysts at JS Global have cautioned that Pakistan stocks may undergo a corrective trend during the next week, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experiencing a slight decline.

After reaching a high of 45,971 points, the KSE-100 index closed at 45,267 points, down 248 points. The trading volume stood at 489 million shares, showing an increase compared to the previous week’s 450 million shares. According to analysts at JS Global, the index is likely to re-test support at 45,256 points. A fall below this level may initiate a corrective trend, with potential targets at 44,990 and 44,385 points.

These trends indicate that the Pakistan stock market may experience a corrective trend in the coming week, influenced by various factors such as technical indicators, global economic conditions, and investor sentiments. Market participants will closely monitor the support and resistance levels, as well as any significant developments that could impact the market’s direction.