After volatile week index gains 288 points

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Amanullah Khan

Karachi

After experiencing a week of volatile trading dragging the index by 782 points wow basis the KSE-100 Index managed to come out of the bearish influence with a gain of 288 points to close in green at 48,697 levels on the first session of the week on Monday.
The market sentiments however remained affected most due overplayed political issues and regulatory measures forcing the investors to sit on the fence till the dust of the political noise settled down especially regarding Panama factor.
Amid an extremely thin market volume of 134 million all shares K Electric was however the volume leader of the day with a trade of 12 million shares to its credit.
Aisha Steel was on the second position with a trade volume of 10 million shares while the Bank of Punjab was the third volume leader with a trade of 9 million shares to their credit.
Out of the total stocks where trade took place 213 companies were the gainers, stocks of 147 companies declined while 14 remained unchanged.
Oil prices marked first weekly gains in three weeks but closed the day lower after Baker Hughes reported a rise in U.S. oil rigs count by 14 rigs, taking the total to 631 rigs. Additionally, U.S. oil output rose to over 9.1 million bpd from below 8.5 million bpd in June last year. However, experts suggest prices to surge if OPEC and non-OPEC extends its oil output cut deal for another six months.