KSE100 - Surpasses 55K level, (AKD Technical Daily Nov 13 2023)
AKD Daily Technical
KSE100 - Surpasses 55K level
Market View — Technical
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 1,245pts and concluded with a gain of 1,130pts to settle at 55,391pts. The volumes witnessed in the last trading session were higher than the previous trading session. The local bourse closed above the upper band by 5.7%. This combined with the steep uptrend suggests that the upward trend has a high chance of continuing. However, a short-term pull-back inside the bands is likely. The Index is currently 25.9% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility.
The chart formation depicts that the index may find initial support near 54,800. A break below mentioned support can result into further weakness towards 54,500 and 54,100pts level. Alternatively, the index can face resistance near 55,600pts initially and then head towards 55,800 and 56,400 area. It is recommended to trade with a cautious approach and 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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