The week took off on a positive trajectory for the benchmark KSE-100 index, achieving an intraday high of 65,069 with a substantial gain of 554 points. However, the market faced persistent selling pressure throughout the session due to a lack of positive triggers, resulting in a gradual decline.
Moreover, the KSE-100 settled the day at 64,237.03, registering a 0.43% decrease of 277.87 points compared to the previous session’s closing value. Investors are attentively assessing the market dynamics, emphasising the importance of monitoring potential catalysts that could impact sentiment in the coming days. The index lost (-124.26) points in the previous session.
The Pakistan Stock Market (PSX) experienced a noteworthy net inflow of $31.6 million in December, indicating an increase in confidence among foreign investors. Based on central bank data, the Special Convertible Rupee Account (SCRA) seemed to have contributed to this increase in confidence.
KSE100
The Benchmark KSE100 Index closed the session Red with index posting an intraday high of 554.54 (0.86%) points and an intraday low of -331.37 (-0.51%) points. The value of the PKR relative to the US dollar is still rising. Oil is still trading below EMA21, but it is gaining momentum to cross it every day.
The VOLUME and VALUE TRADED (000’s) stood at 314,518,273 and Rs.8,869,617.39 respectively. Index closed at 64,237.03 pts losing -277.87 points from the index. Sectors contributing negatively to KSE100 index included Commercial Banks sector (-83.16pts), Oil and Gas Exploration sector (-93.42pts) and Cements sector (-139.28pts). Companies contributing negatively to the index included UBL(-62.98pts), PPL(-47.72pts), OGDC(-32.56pts). The volume leaders included KEL(-3.87%), WTL(-2.13%), PIAA(+2.68%). The scrips traded 168.81 million, 21.98 million and 17.94 million shares respectively.
MARKET FRONT
CFDs on Brent Crude oil posted an intraday high of $78.89 and intraday low of $76.53. Oil is currently trading at $76.57 (5:07pm Monday, 08 January 2024 (GMT+5) Time in Pakistan).
CFDs on WTI Crude Oil posted an intraday high of $73.91 and intraday low of $71.54. Oil is currently trading at $71.58 (5:07pm Monday, 08 January 2024 (GMT+5) Time in Pakistan).
