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Tech Beat: PSX rally likely to extend further

Tech Beat: PSX rally likely to extend further
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June 20, 2024 (MLN): The world's best-performing stock market may extend its rally further, technical indicators suggest.

Investors who put store in technical analysis track relative strength index (RSI) as a measure of momentum.

Only 8% of the KSE-100 Index companies' RSI — a 0-100 gauge meter — has climbed above the level of 70 typically seen as overbought.

Generally, the RSI is considered overbought when above 70 and oversold when below 30.

Furthermore, overall technical ratings — a technical analysis tool that combines the ratings of several technical indicators — rate 17 of the 100 index companies as a 'Strong Buy', 49 as 'Buy', and only 25 as 'Sell'.

Symbol Close RSI Recommendation
ATRL 361.47 42.35 Sell
BAFL 66.12 66.58 Strong Buy
BAHL 106.13 68.42 Strong Buy
CHCC 164.14 56.72 Strong Buy
COLG 1195.93 23.84 Sell
DGKC 92.73 61.83 Buy
EFERT 165.47 68.42 Buy
ENGRO 334.46 47.66 Neutral
FFC 144.09 56.16 Buy
HBL 112.37 53.77 Strong Buy
HUBC 145.46 67.90 Buy
LUCK 946.44 69.37 Buy
MARI 2719.58 52.77 Buy
MCB 224.26 68.07 Strong Buy
MEBL 242.49 62.53 Strong Buy
MLCF 38.31 51.17 Buy
MTL 658.41 67.80 Buy
NRL 272.02 45.08 Sell
OGDC 131.21 52.26 Buy
POL 481.17 52.74 Buy
PPL 119.76 53.11 Buy
PRL 23.86 37.01 Sell
PSO 171.67 51.06 Buy
SEARL 59.86 55.84 Buy
SHEL 138.55 48.03 Neutral
SNGP 65.52 49.88 Buy
SYS 437.81 58.15 Buy
TPLP 9.82 33.47 Sell
TRG 64.28 48.56 Sell
UBL 239.81 80.21 Strong Buy

Note: Table includes KSE-30 companies only

To note, the overall rating of the indicator includes several moving averages with different lengths, the Ichimoku Cloud, and several oscillators.

Pakistan stock market has rallied 85% and is also the best performer globally in USD terms since the Stand-By Arrangement (SBA) was reached with the International Monetary Fund (IMF) towards the end of FY23.

Following the completion of the program, the country is now in talks with the lender for a larger and longer loan, estimated to be about $6-$8 billion.

Disclaimer: The views and analysis in this article are the opinions of the author and are for informational purposes only. It is not intended to be financial or investment advice and should not be the basis for making financial decisions.

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Posted on: 2024-06-20T05:30:00+05:00