KSE-100_Index declines by 708pts (AKD Technical Daily Aug,30 2023)
AKD Daily Technical
KSE-100_Index declines by 708pts
Market View — Technical
The index opened on a n negative note and faced a bearish session. The local bourse posted a low of 880pts and concluded with a loss of 708pts to settle at 46,770pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. Currently the MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 13 trading sessions ago. Since the MACD crossed its moving average, the local bourse has decreased 3.02% and has ranged from a high of 48,899 to a low of 46,598. The RSI has just reached its lowest value in the last 14 trading sessions which is at 46.15
The chart formation depicts that the index may find initial support near 46,600. A break below mentioned support can result into further weakness towards 46,200 and 45,800pts level. Alternatively, the index can face resistance near 47,350pts initially and then head towards 47,700 and 48,000 area. It is recommended to focus on profit taking and 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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