KARACHI, The KSE-100 index, a barometer for Pakistan’s stock market health, has continued its upward trend, achieving its highest closing yet at 53,860 points. The trading session witnessed a robust gain of 737 points, riding a bullish wave throughout the day.
According to AKD, the market began on a positive note and maintained its momentum, registering an intraday high of 822 points. Compared to the previous session, the volumes traded were notably higher, indicating increased investor participation. The index is currently trading 23.1% above its 200-day Simple Moving Average (SMA), signifying a strong uptrend. Volume indicators also point to substantial inflows, which analysts interpret as a bullish sign. Additionally, trend forecasting oscillators have maintained a bullish outlook since the previous month, further cementing the positive sentiment in the market.
Technical analysis suggests that the KSE-100 may find initial support at around 53,600 points. Should it breach this level, it might experience further pullbacks towards 53,350 and 53,100 points. On the flip side, resistance is expected near 53,900 points, and if surpassed, the index could aim for the 54,400 and 54,800 territories. Experts recommend trading with caution and advise investors to accumulate on weaknesses, implying that dips might offer favorable entry points for market participants.
The continuous bullish bias in the KSE-100 index underscores the underlying strength of Pakistan’s stock market, reflecting investor confidence and optimism for economic prospects.