KSE-100_Profit taking witnessed,(AKD Technical Daily Dec 12 2023)
Market View — Technical
The index opened on a slightly negative note and remained volatile throughout the last trading session. The local bourse posted a high of
340pts during intraday trading, a low of 1,095 and concluded with a loss of 211pts to settle at 66,012pts. The volumes witnessed in the last
trading session were lower than the previous trading session. The local bourse closed below the upper band by 4.1%. Bollinger Bands are
199.42% wider than normal. The large width of the bands suggest high volatility as compared to the normal range. Therefore, the probability
of volatility decreasing and Index (or remaining in) a trading range has increased for the near-term. The bands have been in this wide range
for the last 40 trading sessions.
The chart formation depicts that the index may find initial support near 65,400. A break below mentioned support can result into further
weakness towards 65,100 and 64,700pts level. Alternatively, the index can face resistance near 66,700pts initially and then head towards
67,000 and 67,500 area. It is recommended to accumulate positions and use a cautious approach.
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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