Pakistan Stock Market’s (PSX) Benchmark index KSE-100 continues to stay on bullish course for the day after declining over 300 points a day earlier. This week has been topsy and turvy for the PSX as the index gained a strong bullish point on January, 01, 2024. The index lost (312.18) points in the previous session.

While the market waits for confirmation of its next move, investors are advised to proceed with caution. This applies particularly to the KSE-100, which is currently encountering resistance at its previous peak. This circumspect approach recognises the value of market confirmation while emphasising caution in navigating potential roadblocks and opportunities. Investors are advised to proceed cautiously and carefully consider market developments before deciding how best to proceed strategically, given the current resistance levels on the KSE-100.

KSE100

The Benchmark KSE100 Index closed the session Green with index posting an intraday high of 895.00 (1.39%) points and an intraday low of -130.06 (-0.20%) points. PKR continues on upward trajectory with improved trade deficit. Oil falls below EMA21 on a daily time frame with another try to break its support although at the time of writing oil is trying to gain upward momentum on a shorter timeframe.

KSE100 PAKISTAN STOCK MARKET SUMMARY 2024-01-03 at 5.47.49 PM

The VOLUME and VALUE TRADED (000’s) stood at 378,619,990 and Rs.15,708,281.80 respectively. Index closed at 64,646.85 pts adding 297.25 points to the index. Sectors contributing positively to KSE100 index included Oil and Gas Exploration sector (+150.13pts), Fertilisers sector (+96.39pts) and Engineering sector (+36.60pts). Companies contributing positively to the index included OGDC(+87.68pts), PPL(+72.70pts), FFC(+62.13pts). The volume leaders included KEL(+3.01%), PTC(+5.20%), PRL(-7.30%). The scrips traded 127.80 million, 50.43 million and 35.84 million shares respectively.

MARKET FRONT

CFDs on Brent Crude oil posted an intraday high of $76.66 and intraday low of $74.82. Oil is currently trading at $76.59 (5:59pm Thursday, 03 January 2024 (GMT+5) Time in Pakistan).

CFDs on WTI Crude Oil posted an intraday high of $71.10 and intraday low of $69.31. Oil is currently trading at $71.10 (5:59pm Thursday, 03 January 2024 (GMT+5) Time in Pakistan).

In today’s trading session, the KSE-100 index rebounds, gaining 297.25 points after a recent 312.18-point drop. Despite a volatile week, the index showed a strong bullish trend on January 1, 2024. However, caution is advised as the market awaits confirmation for its next move, especially with the KSE-100 facing resistance at its previous peak. Positive contributions came from sectors like Oil and Gas Exploration, Fertilizers, and Engineering, with companies such as OGDC, PPL, and FFC leading the way. The overall market closed in the green. In the energy market, Brent Crude oil traded at $76.59, and WTI Crude Oil stood at $71.10. Investors are advised to stay vigilant and assess market dynamics carefully amid the prevailing resistance levels on the KSE-100.

SUBRSCRIBE

Leave a Reply

Your email address will not be published. Required fields are marked *

TRENDING

Archives
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?