KSE-100 - Upward momentum to continue, (AKD Technical Daily Oct 31 2023)
The index opened on a slightly positive note and remained bullish throughout the last trading session. The local bourse posted a high of 558pts and concluded with a gain of 539pts to settle at 51,483pts. The volumes witnessed in the last trading session were slightly lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 26 trading sessions ago. Since the MACD crossed its moving average, the Index has increased 11.43% and has ranged from a high of 51,521 to a low of 45,733. RSI (Relative Strength Index) currently stands at 81.81.
The chart formation depicts that the index may find initial support near 51,100. A break below mentioned support can result into further weakness towards 50,800 and 50,500pts level. Alternatively, the index can face resistance near 51,800pts initially and then head towards 52,000 and 52,400 area. It is recommended to trade with a cautious approach and accumulate positions on weakness.
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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