FLASHNEWS:

KSE-100 Index Reaches Record High in Pakistan’s Bullish Stock Market

Karachi, Pakistan – The Pakistan stock market witnessed a notable surge as the KSE-100 index set a new all-time high. The bullish momentum was evident as the index gained 1,132 points day-over-day, closing at a record 56,524. Trading volumes also saw an increase, with 661 million shares changing hands compared to 641 million in the previous session.

According to JS Research, if the market's upward trend persists, the KSE-100 index is expected to reach an initial target of 57,405, with potential to extend to 59,294. However, any decline in the index is anticipated to find support between 55,900 and 56,250, a range below which a corrective trend may be triggered. Despite the positive trend, the indicators suggest an overbought condition with the index trading above the Upper Bollinger band, signaling a possible short-term pullback. Investors are advised to exercise caution and consider buying on dips.

Specific stocks such as MLCF and HBL also show promising trends. MLCF is expected to continue its upward trajectory, with a buying strategy focused on targeting Rs39.59 and Rs42.68, and a stop loss at Rs36.95. HBL also exhibits a steady uptrend, encouraging a similar 'buy on dips' approach with targets set at Rs101.00 and Rs104.24 and a stop loss at Rs95.50.

The report concludes with a note of caution to investors, recommending vigilance at higher levels and suggesting a wait-and-see approach during dips. The identified support and resistance levels for the KSE-100 index are 55,918 and 56,856, respectively.