KSE-100_ Bearish sentiment persists,(AKD Technical Daily Sep 22 2022)
AKD Daily Technicals
KSE-100: Bearish sentiment persists
Market View — Technical
The index opened on a positive note and faced a volatile session volatile. The local bourse posted an intraday high of 138pts, a low of 349pts and concluded with a loss of 255pts to settle at 40,966pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index traded with a positive bias in the initial hour but lost all gains and continued to decline. The Index is sustaining below 61.8% of the Fibonacci retracement (39,541-43,888) and technical indicators seem to support a further decline in near future. The RSI (Relative Strength Index) has reached its lowest value in the last 14 trading sessions (32.89).
The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,450 and 40,200pts level. Alternatively, the index can face resistance near 41,100pts initially and then head towards 41,400 and 41,700 area. It is recommended to trade with a cautious approach.
AKD Research
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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