BEARS BACK IN THE GAME - KSE100 INDEX LOSES (-1146.62)

Bears back in the game as KSE-100 index takes a hit. Awaited correction hits Pakistan Stock Market amidst profit taking. The index added (+414.46) points in the previous session.

THE MONETARY POLICY REMAINED UNCHANGED. SBP MAINTAINED THE INTEREST RATE AT 22%

KSE100

The Benchmark KSE100 Index closed the session Bearish Red with index posting an intraday high of 667.18 (1.00%) points and an intraday low of -1,999.40 (-3.01%) points. PKR appreciated against the US Dollar and Oil continues to trade below all the major moving averages on a daily time frame although with over 3 percent drop in the previous session.

On Wednesday, the price of oil declined globally as a result of unanticipated increases in consumer prices in the United States and growing worries about oversupply.

OIL LOOKS INTERESTING – TECHNICAL ANALYSIS

The VOLUME and VALUE TRADED (000’s) stood at 676,928,053 and Rs.28,348,868.97 respectively. Index closed at 65,280.16 pts erasing -1146.62 (-1.73%) points from the index.

Sectors contributing negatively to KSE100 index included Commercial Banks sector (-268.84pts), Fertiliser sector (-232.53pts) and Technology Companies sector (-110.59pts). Companies contributing negatively to the index included EFFERT(-83.84pts), FFC(-79.80pts), TRG(-70.17pts).

The volume leaders included WTL(-8.55%), BOP(+3.66%), KEL(-0.45%). The scrips traded 153.46mn, 106.23mn and 89.96mn shares respectively.

MARKET FRONT

CFDs on Brent Crude oil posted an intraday high of $73.38 and intraday low of $72.33. Oil is currently trading at $72.42 (1:50pm Wednesday, 13 December 2023 (GMT+5) Time in Pakistan).