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Karachi: The Karachi Stock Exchange (KSE-100) index soared to unprecedented heights, closing at a remarkable 162,257 points, marking a significant leap of 2,977 points day-over-day. This bullish trend signals a robust market performance, with trading volumes reaching 1,715 million shares, slightly higher than the previous session’s 1,674 million shares. Market analysts are optimistic, with projections setting the next milestone at 163,410 and subsequently at 164,730, should the upward trend persist.
Technical indicators further bolster this positive outlook. The Relative Strength Index (RSI) has shown improvement, while the Moving Average Convergence Divergence (MACD) has generated a buy signal. These factors suggest a continued bullish trajectory for the KSE-100. Investors are advised to adopt a ‘buy on dips’ strategy, with a recommended stop-loss set at 159,901 points. Support levels are anticipated between 160,630 and 161,530, while resistance is projected at 163,152 points.
In specific stock movements, Maple Leaf Cement Factory Limited (MLCF) is advancing towards its recent peak. The strategy for investors here remains to ‘buy on dips,’ targeting price points at Rs114.50 and Rs119.65, with a stop-loss at Rs107.55. Similarly, International Steels Limited (ISL) shows a bullish engulfing pattern, encouraging a ‘buy on dips’ approach, aiming for Rs128.93 and Rs131.60, with a stop-loss at Rs122.00.
These developments, sourced from JS Global, indicate a vibrant market, with substantial opportunities for investors amid the bullish sentiment.