Bears continue to take charge of Pakistan Stock Market’s Benchmark Index KSE-100. PSX continues to witness bloodbath as was previously indicated in our reports. This is also a much anticipated correction after index rose to record high. Moreover, highly leveraged and the year end has also affected the uptrend and also the uncertainty regarding the general elections. The index lost (-988.47) points in the previous session.

KSE 100 READY FOR A PULL BACK OR A SMALL CORRECTION?

KSE100

KSE100 PAKISTAN STOCK MARKET SUMMARY 2023-12-26 at 3.52.12 PM

The Benchmark KSE100 Index closed the session Red with index posting an intraday high of -70.54 (-0.11%) points and an intraday low of -2,678.28 (-4.34%) points. Oil trading right on EMA21 on a daily timeframe it may form another local low if not broken.

OUR WEEKLY KSE100 TECHNICAL ANALYSIS REPORT

 

The VOLUME and VALUE TRADED (000’s) stood at 394,463,226 and Rs.13,724,154.80 respectively. Index closed at 59,170.98 pts erasing -2534.12 points from the index. Sectors contributing negatively to KSE100 index included Oil and Gas Exploration Companies sector (-504.46pts), Commercial Banks sector (-387.55pts) and Power Generation and Distribution sector (-270.58pts). Companies contributing negatively to the index included HUBC(-180.98pts), PPL(-177.44pts), OGDC(-164.03pts). The volume leaders included KEL(-22.35%), WTL(-17.54%), BOP(-21.60%). The scrips traded 96.36mn, 72.44mn and 40.41mn shares respectively.

MARKET FRONT

CFDs on Brent Crude oil posted an intraday high of $79.16 and intraday low of $78.40. Oil is currently trading at $78.80 (3:59pm Tuesday, 26 December 2023 (GMT+5) Time in Pakistan).

CFDs on WTI Crude Oil posted an intraday high of $73.89 and intraday low of $73.17. Oil is currently trading at $73.50 (3:59pm Tuesday, 26 December 2023 (GMT+5) Time in Pakistan).

OIL GOING UP? – TECHNICAL ANALYSIS

OIL TRADING CHART XTIUSD_2023-12-26_16-01-19

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