AKD Securities Equity Research – Positive Theme

Karachi: Banks: Ripe for near-term profit taking?

Karachi: Sailing northwards for the third straight session, the benchmark KSE advanced 1.14% on Friday to settle at 13088 level —highest since bottom (4782) marked in Jan 2009.

According to AKD Securities, despite an overbought momentum, the short-term bull trend remains intact above the minor averages. Has successfully entered AKD Securities’ short‐term target of 13082~13226 levels. We’d await fresh buy triggers at test of upper boundary of said range. Immediate supports reside at 13082, 12939 and 12850 levels. The bullish cycle is expected to remain valid till mid of March’ 12, with maximum possibility for 13341~13775 area. Preferred stocks include PSO, POL, ENGRO, NML, DGKC, NBP, and PTC.

POL (386.83)
Focus remains at 390.5 (initial target) after a weekly break above Jan’12 high of 376.25. Broader possibility is seen for 401.4~412.3. Nearby supports at 383.7, 377.0 and 368.7.

PSO (261.57)
Strength expected towards 274.35~280.34. Internal supply in 267.5~268.37, whereas supports at 256.4 and 252.7. Risk below 249.

PPL (182.86)
Nearby supports at 180.09 and 177.19. Impulse initiated from 172.49 is expected to carry the stock towards 188.59~192.39 area.

PTC (11.94)
With immediate supports at 11.7 and 11.5, short‐term focus is set at 12.67~12.99 area. Risk below 11.3.

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