As traders awaited MPC decision today to determine the market’s next course, the KSE100 index gained over 400 points. Pakistan stock market was caught up in a fight between bears and bulls. The index lost (-211.31) points in the previous session.

KSE100

The Benchmark KSE100 Index closed the session bullish green with index posting an intraday high of 591.72 (0.89%) points and an intraday low of -180.81 (-0.16%) 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 last three bullish candles on daily timeframe.

WTI and Brent currently display a contango market structure, meaning that during the first few months of 2024, upcoming contracts will be worth less than those that are later in date.

This may indicate that investors believe there is a glut of crude available at this time rather than a decrease in demand or surplus supply.

OIL LOOKS INTERESTING – TECHNICAL ANALYSIS

The VOLUME and VALUE TRADED (000’s) stood at 613,393,284 and Rs.25,201,937.75 respectively. Index closed at 66,426.78 pts adding +414.46 (-0.62%) points from the index.
Sectors contributing positively to KSE100 index included Cement sector (+105.21pts), Fertiliser sector (+76.35pts) and Oil and Gas Marketing Companies sector (+61.68pts). Companies contributing positively to the index included LUCK(+59.08pts), MTL(+48.32pts), HUBC(+42.20pts).

The volume leaders included WTL(+3.78%), PTC(+7.25%), KEL(+1.09%). The scrips traded 98.87mn, 79.25mn and 66.71mn shares respectively.

MARKET FRONT

CFDs on Brent Crude oil posted an intraday high of $76.61 and intraday low of $75.97. Oil is currently trading at $76.38 (1:01pm Tuesday, 12 December 2023 (GMT+5) Time in Pakistan).

CFDs on WTI Crude Oil posted an intraday high of $71.92 and intraday low of $71.30. Oil is currently trading at $71.68 (1:01pm Tuesday, 12 December 2023 (GMT+5) Time in Pakistan).

OUR WEEKLY KSE100 TECHNICAL ANALYSIS REPORT

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