KSE-100 Index Reflects Overbought Condition; JS Securities Recommends Caution and Outlines Stock Strategies.

Karachi -- 24 Oct 2023 (PPI-PR):

The KSE-100 index has exhibited a rising trajectory, gaining 339 points in its recent session and concluding at 51,071. While the current momentum hints at an upward trend, some technical indicators, such as the RSI and the Stochastic Oscillator, signal an overbought state. This calls for investors to exercise caution. Additionally, individual stock strategies for PSO and MLCF were outlined, suggesting varied investment approaches.

According to a research report by JS Securities Limited, the KSE-100 index has been on an upward spree, with trading volumes recorded at 364 million shares compared to 430 million shares in the previous session. The index has the potential to surpass its recent high of 51,420, and if achieved, it might continue its rise aiming for 51,528 and then 52,460 levels. On the contrary, any decline would likely be countered by support between 50,640 and 50,860. Any further descent below these support levels might trigger a corrective trend in the market. Notably, technical indicators, including...