KSE-100 triggers overbought signal: Bloomberg

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By MG News | November 07, 2023 at 11:00 AM GMT+05:00

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November 07, 2023 (MLN): Pakistan’s world-beating stock market is approaching overheated levels as a widely tracked measure of momentum rises to the highest in 18 years, Bloomberg reported.

The KSE-100 Index 14-day relative strength index exceeded 90 for the first since March 2005.

In the previous 14 instances when the metric surpassed this reading, the gauge declined over the next 20 days on eight occasions by an average 4.2%, data compiled by Bloomberg show.

To note, the relative strength index (RSI) compares a security’s strength on days when prices go up to its strength on days when prices go down.

The Pakistan stock market has rallied to become the best performer globally since the $3 billion Stand-By Arrangement (SBA) was reached with the International Monetary Fund (IMF) towards the end of FY23, which saved the country from a sovereign debt default.

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Name Price/Vol %Chg/NChg
KSE100 133,782.35
325.79M
0.91%
1205.36
ALLSHR 83,615.82
940.14M
0.76%
632.14
KSE30 40,681.77
65.23M
0.80%
322.98
KMI30 191,640.88
61.56M
0.48%
913.56
KMIALLSHR 55,891.51
405.64M
0.35%
193.03
BKTi 36,988.68
20.05M
2.06%
746.62
OGTi 28,181.50
5.52M
-0.50%
-141.92
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,465.00 112,170.00
111,295.00
-780.00
-0.69%
BRENT CRUDE 70.02 70.42
69.82
-0.17
-0.24%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.00
1.04%
ROTTERDAM COAL MONTHLY 110.00 110.00
110.00
2.25
2.09%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.14 68.57
67.91
-0.24
-0.35%
SUGAR #11 WORLD 16.34 16.56
16.28
-0.22
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