PSX KSE-100 FACES RESISTANCE AMID ECONOMIC CHALLENGES: WEEKLY MARKET RECAP

The Pakistan Stock Market’s KSE-100 index experienced a turbulent week, testing resistance levels while grappling with rising inflation in December. The index closed the week with a loss, prompting cautious investor sentiment. The index lost (7.69) 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 close to 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 determining how best to proceed strategically, given the current resistance levels on the KSE-100.

KSE100

The Benchmark KSE100 Index closed the session Red with index posting an intraday high of 438.32 (0.68%) points and an intraday low of -881.20 (-1.36%) points. PKR continues to gain ground against the US dollar. Oil picks up steam to cross EMA21 once more on a daily basis although still trading below it.

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 718,032,345 and Rs.13,801,019.98 respectively. Index closed at 64,514.90 pts losing -124.26 points from the index. Sectors contributing negatively to KSE100 index included Fertiliser sector (-83.16pts), Miscellaneous sector (-29.20pts) and Cements sector (-28.26pts). Companies contributing negatively to the index included FFC(-38.30pts), ENGRO(-34.02pts), PSEL(-32.58pts). The volume leaders included KEL(+7.16%), WTL(-0.68%), BOP(-1.02%). The scrips traded 481.20 million, 33.38 million and 28.42 million shares respectively.

TOP POINTS CONTRIBUTOR SECTOR 2024-01-05 at 5.32.27 PM

TOP POINTS CONTRIBUTOR COMPANIES 2024-01-05 at 5.31.56 PM

MARKET FRONT

CFDs on Brent Crude oil posted an intraday high of $78.46 and intraday low of $77.64. Oil is currently trading at $78.04 (5:40pm Friday, 05 January 2024 (GMT+5) Time in Pakistan).

CFDs on WTI Crude Oil posted an intraday high of $73.17 and intraday low of $72.24. Oil is currently trading at $72.76 (5:40pm Friday, 05 January 2024 (GMT+5) Time in Pakistan).