After posting a low of over 842 points the KSE-100 index bounced back. The KSE-100 index ascribed the declining trend to “some selling by local institutions and a highly leveraged position.” The index added (-1146.62) points in the previous session.

The benchmark index of Pakistan Stock Market had experienced a nonstop rally over the previous weeks, so this was a “much-needed correction.”

KSE100

The Benchmark KSE100 Index closed the session green with index posting an intraday high of 342.40 (0.52%) points and an intraday low of -842.46 (-1.29%) points. PKR appreciated against the US Dollar and Oil gained upward momentum but continues to trade below all the major moving averages on a daily time frame although trading on a support region.

OIL LOOKS INTERESTING – TECHNICAL ANALYSIS

The VOLUME and VALUE TRADED (000’s) stood at 407,559,936 and Rs.17,057,855.48 respectively. Index closed at 65,450.19 pts adding +170.03 (0.26%) points to the index.
Sectors contributing positively to KSE100 index included Oil and Gas Exploration sector (+169.10pts), Fertiliser sector (+117.72pts) and Cable and Electrical Goods sector (+22.07pts). Companies contributing positively to the index included PPL(+114.05pts), FFC(+53.27pts), OGDC(+48.72pts).

The volume leaders included KOSM(+12.34%), BOP(+8.89%), HASCOL(+7.03%). The scrips traded 160.18mn, 89.77mn and 79.31mn shares respectively.

MARKET FRONT

CFDs on Brent Crude oil posted an intraday high of $76.95 and intraday low of $74.47. Oil is currently trading at $76.85 (8:37pm Thursday, 14 December 2023 (GMT+5) Time in Pakistan).

CFDs on WTI Crude Oil posted an intraday high of $72.10 and intraday low of $69.57. Oil is currently trading at $71.89 (8:37pm Thursday, 14 December 2023 (GMT+5) Time in Pakistan).

OUR WEEKLY KSE100 TECHNICAL ANALYSIS REPORT

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