Karachi, The KSE-100 Index experienced a tumultuous trading session, opening with a slight gain but ultimately closing with a substantial loss of 292 points, ending at 77,941 points. The session saw the index reach a peak of 309 points but fell to a low of 323 points, indicating high volatility and lower trading volumes compared to the previous session.
According to AKD Securities Limited, the market's volatility is evident in the technical indicators, with the Moving Average Convergence Divergence (MACD) currently bullish as it remains above its signal line. However, despite this bullish signal, the KSE-100 Index has declined by 1.09% since the MACD crossed above the moving average three sessions ago, fluctuating between a high of 80,060 and a low of 76,897.
Technical analysis suggests that the index may find initial support around 77,800 points. If it breaks below this level, it could see further declines towards 77,500 and then 77,100 points. Conversely, resistance is seen near 78,500 points, with potential to push towards 79,000 and 79,500 points. Market participants are advised to trade cautiously, focusing on accumulating positions near the support zones and taking profits near resistance levels.
The session also highlighted specific sectors with notable price movements. The Banks Sector saw declines across major stocks such as MCB, HBL, and UBL, all adopting a sell stance. In contrast, the Oil and Gas Exploration Sector also faced downward pressure with OGDC and PPL both closing lower. On a positive note, the Fertilizer and Cement sectors saw some stocks like ENGRO and LUCK registering gains, suggesting a mixed sentiment across different market segments.