KSE-100 Struggles to Maintain Peak, Closes Higher Amid Overbought Conditions

Karachi, The KSE-100 index, a barometer for Pakistan's stock market, experienced a volatile trading session yesterday, failing to sustain its intraday high and closing slightly up by 133 points at 74,664. Despite the gains, market indicators suggest cautious conditions ahead.

According to JS Global, the trading volume slightly decreased from the previous session, with 572 million shares traded compared to 574 million. The index, which failed to maintain its peak of 75,115, is expected to face resistance at the previous day’s high. A breakthrough above that level could target higher resistances at 75,454 and 76,040. Conversely, a downward trend may be triggered if the index falls below the support range of 74,065 to 74,365.

The technical indicators, including the Relative Strength Index (RSI) and the Stochastic Oscillator, are currently in the overbought territory. This suggests that investors should remain cautious, especially at higher levels. The established support and resistance levels are at 74,365 and 75,039, respectively, guiding potential pivot points for the market’s next moves.