The Pakistan Stock Market’s (PSX) Benchmark index KSE-100 had a wild session because it’s not sure where the index is going in the wake of the uncertain general elections. The index gained (297) points in the previous session.
Moreover, in December, headline inflation in Pakistan increased for the second time in a row, exceeding forecasts and creating difficulties in the face of record borrowing costs. A Bloomberg report states that consumer prices increased by 29.66% over the prior year, above both a reading of 29.23% in November and the median estimate of 29.05% from a Bloomberg survey.
Investors are advised to exercise caution while the market awaits confirmation of its next move. This is especially true for the KSE-100, which is now running into resistance near its previous peak. This cautious approach emphasises caution in navigating potential obstacles and opportunities while acknowledging the importance of market confirmation. Given the current resistance levels on the KSE-100, investors are advised to proceed cautiously and carefully consider market developments before determining how best to proceed strategically.
KSE100
The Benchmark KSE100 Index closed the session Red with index posting an intraday high of 289.91 (0.45%) points and an intraday low of -548.74 (-0.85%) points. PKR stays on course of positive momentum agains the US Dollar. Oil gains momentum to climb back over EMA21 on a daily timeframe.
MARKET FRONT
CFDs on Brent Crude oil posted an intraday high of $79.37 and intraday low of $78.32. Oil is currently trading at $78.81 (4:00pm Thursday, 04 January 2024 (GMT+5) Time in Pakistan).
CFDs on WTI Crude Oil posted an intraday high of $73.96 and intraday low of $72.92. Oil is currently trading at $73.39 (4:00pm Thursday, 04 January 2024 (GMT+5) Time in Pakistan).