The Pakistan Stock Exchange opened on a positive note on Thursday as the benchmark index gained over 200 points in the intraday trade.
According to the PSX website, the KSE-100 index was trading at 62,207.51 levels after gaining 206.91 points, or increasing by 0.33%, at 10:55am.
In its technical outlook on Feb 1, the JS Global Online said that the current pattern suggested that the index was likely to consolidate at the current level, followed by 63,392 (30-DMA).
It advised the investors to “buy on dips”, with risk defined below the 61,280 level. “The support and resistance are at 61,717 and 62,420 levels, respectively,” it added.
While commenting on the petrol prices, the JS Global Online said that the impact of the rate would continue to 10bps MoM in CPI (not including second round impact), and would be reflected in Feb-2023 CPI reading (taking no change in the mid-month announcement.
It added that the Feb CPI estimate comes to 23.5% and warned that any sharp increase in the global oil prices remains a risk to their CPI forecast.
This is an intraday update and will be updated accordingly.