KSE-100_Declines amidst heavy volumes ,(AKD Technical Daily Dec 20 2023)
AKD Daily Technical
KSE-100: Declines amidst heavy volumes
Market View — Technical
The index opened on a negative note and remained bearish throughout the last trading session. The local bourse posted a low of 2,844pts during intraday trading and concluded with a loss of 2,372pts to settle at 62,833pts. The volumes witnessed in the last trading session were slightly higher than the previous trading session. The Index closed above the lower band by 49.8%. Bollinger Bands are 147.58% wider than normal. The large width of the bands suggest high volatility as compared to the normal range. The Index has reached near 21-SMA on daily chart. A close below could enhance the pressure on the downside.
The chart formation depicts that the index may find initial support near 62,400. A break below mentioned support can result into further weakness towards 61,800 and 61,400pts level. Alternatively, the index can face resistance near 63,600pts initially and then head towards 64,100 and 64,700 area. It is recommended to trade with a cautious approach and reduce positions on strength.
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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