Pakistan’s KSE-100 Index Hits Record High Amid Bullish Market Momentum

Islamabad, The KSE-100 index, a benchmark for market performance in Pakistan, continued its bullish momentum, gaining 642 points to reach a new closing high of 66,548. This surge in points was accompanied by an increase in trading volumes, from 304 million shares in the previous session to 355 million shares. Analysts predict that if the index surpasses the all-time intraday high of 67,094, it could further ascend to targets of 67,567 and 68,443. However, any potential downside is expected to find support within the 65,780 to 66,170 range.

According to JS Global, technical indicators such as the Stochastic Oscillator and the Relative Strength Index (RSI) are trending upwards, reinforcing a positive outlook for the market. Investors are advised to adopt a 'buy on dips' strategy, maintaining a stop loss below the 66,003 level. The report specifies support and resistance levels at 66,165 and 66,769, respectively, guiding investment decisions in the current market scenario.

Additionally, the analysis highlights specific opportunities within the market, recommending a 'buy on dips' strategy for Maple Leaf Cement Factory (MLCF) with target prices of Rs36.25 and Rs37.49, and a stop loss at Rs35.21. Similarly, for Engro Corporation (ENGRO), a steady uptrend is anticipated, with suggested target prices of Rs349.08 and Rs353.99, and a stop loss at Rs343.01.

This technical outlook indicates a robust growth trajectory for Pakistan's market, suggesting continued investor confidence and potential for further gains in the KSE-100 index.