The Benchmark KSE 100 Index closed the session Green with index posting an intraday high of 561.45 pts. The volumes in PSX surged over 200 million after falling near 100 million in previous days. The main Wall Street indexes too rallied on Tuesday.
The volumes increased from the previous sessions close. Index closed at 43975.69 pts adding 255.87 points to the index.
The volumes increased from 188.45 million shares in the previous session to 236.45 million shares Today. The volume leaders included WTL(-1.85%), TREET(-0.29%), TPLP(+3.52%). The scrips traded 19.70mn, 15.23mn and 12.97mn shares respectively.
Sectors contributing positively to KSE 100 index included Technology sector (87.17pts), Cement sector (75.67pts) and Commercial Banks sector (44.21pts). Companies contributing positively to the index included SYS(76.40pts), DGKC(20.53pts), UBL(19.43pts).
CFDs on Brent Crude Oil posted an intraday high of $103.64 and an intraday low of $98.29. Oil is currently trading at $99.18 (4:27 pm Wednesday, 16 March 2022 (GMT+5)Time in Pakistan).
CFDs on WTI Crude Oil posted an intraday high of $99.19 and an intraday low of $94.87. Oil is currently trading at $95.83 (4:27 pm Wednesday, 16 March 2022 (GMT+5)Time in Pakistan).
[highlight color=”yellow”]Market Front:[/highlight] PKR Interbank Closing Rates. PKR closed at 179.22 on Mar, 15, 2022 and closed at 179.44 on Mar, 16, 2022. Change: -0.12%.
The petroleum group imports witnessed an increase of 100.78 percent, as it reached $12.941 billion in July-February 2021-22.
Exports during July-February (2021-22) were recorded at Rs3,520,242 million as against the exports of Rs2,651,319 million during July- February 2020-21.
Textile and clothing exports grew 26.08 per cent year-on-year to $12.60 billion in the first eight months of this fiscal year (8MFY22).
Pakistan strives to finalize a Russian-built gas pipeline despite international pressure to isolate Moscow economically, to mitigates the impact of domestic energy crunch.
Minister for Planning and Development Asad Umar has announced to lift all corona related restrictions in view of continuous declining trend of the disease in the country.
The three main Wall Street stock indexes rallied on Tuesday, a day before an expected interest rate hike by the U.S. Federal Reserve, while oil prices dropped by 7 percent on hopes of an end to the conflict in Ukraine.
China understands Iran’s reasonable concerns on the nuclear issue and supports its efforts to defend its legitimate rights and interests, Chinese State Councilor and Foreign Minister Wang Yi said on Tuesday.
[highlight color=”yellow”]TECHNICALS[/highlight]
As we previously mentioned that there is a potential hidden bearish divergence on the horizon which will confirm itself as soon as a local high is in place. So, it followed the stance. The positive scenario has played out so far along with the break out. Now the red resistance line that has been broken today should hold as support. Also volumes increased from 188.45 million shares in the previous session to 236.45 million shares. If we see rising volume in next few candles it will confirm the break out.
However, a close back below the red line would suggest a swing failure pattern.
