PAKISTAN STOCK MARKET DECLINES MARGINALLY (-7.69) POINTS

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.

KSE-100 INDEX DROPS 439.83 POINTS

PKR APPRECIATES BY 6.79 PAISA AGAINST USD

GOLD PER TOLA AND XAU/USD TECHNICAL ANALYSIS

The VOLUME and VALUE TRADED (000’s) stood at 322,226,522 and Rs.10,103,345.61 respectively. Index closed at 64,639.16 pts losing 7.6 points from the index. Sectors contributing negatively to KSE100 index included Fertiliser sector (-68.56pts), Power Generation and Distribution sector (-51.97pts) and Leather and Tanneries sector (-22.05pts). Companies contributing negatively to the index included HUBC(-37.10pts), EFERT(-25.31pts), ENGRO(-24.67pts). The volume leaders included KEL(+3.41%), WTL(-2.78%), FFL(-1.99%). The scrips traded 154.56 million, 37.05 million and 27.30 million shares respectively.

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).