KSE-100_Closes with a bullish bias (AKD Technical Daily 01-03-24)
Market View — Technical
The index opened on a positive note and remained bullish throughout the last trading sessions. The local bourse posted a high of 1,098pts and concluded with a gain of 875pts to settle at 64,579pts. The volumes witnessed in the last trading session were lower than the previous trading session. The Index broke above the down trend line. Volume on the day of the breakout was neither extremely heavy nor extremely light. Momentum oscillator, RSI (Relative Strength Index) currently showing a reading at 61.64.
The chart formation depicts that the index may find initial support near 64,100. A break below mentioned support can result into further weakness towards 63,700 and 63,400pts level. Alternatively, the index can face resistance near 65,100pts initially and then head towards 65,400 and 65,800 area. It is recommended to 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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