KSE-100_Plummets by 523pts,(AKD Technical Daily Dec 29 2022)
AKD Daily Technical
KSE-100: Plummets by 523pts,
Market View — Technical
The index opened on a slightly positive note and faced a bearish session amidst good volumes. The local bourse posted an intraday low of 776pts and concluded with a loss of 523pts to settle at 39,279pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index traded below important support zone during intraday trading in the last trading session, MACD is bearish since it is trading below its signal line. The Index is currently trading below important moving averages on daily and weekly charts. During the last ten trading sessions, there have been three white candles and seven black candles for a net of four black candles.
The chart formation depicts that the index may find initial support near 39,000. A break below mentioned support can result into further weakness towards 38,700 and 38,400pts level. Alternatively, the index can face resistance near 39,700pts initially and then head towards 40,000 and 40,400 area. It is recommended to accumulate positions on weakness with risk defined below support zone.
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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