Karachi, October 09, 2023 (PPI-OT): KSE-100: Closes with a positive bias

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted a high of 167pts, a low of 50pts and concluded with a marginal gain of 41pts to settle at 47,494pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. KSE 100 Index is sustaining 11.2% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. Volume indicators reflect moderate flows of volume into the Index. Trend forecasting oscillators are currently bullish on local bourse.

The chart formation depicts that the index may find initial support near 47,200. A break below mentioned support can result into further weakness towards 47,000 and 46,800pts level. Alternatively, the index can face resistance near 47,500pts initially and then head towards 47,800 and 48,000 area. It is recommended to trade with a cautious approach and accumulate positions on weakness.