Corrective spell prevails at KSE-100

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Amanullah Khan

Karachi—KSE-100 Index slightly dipped by 30 points to close in red at 40924 levels yet amid improved market volumes of all shares of 506 traded on Wednesday.
During session Dost Steel was the volume leader of the day with a huge trade of 135 million shares to their credit while second and third volume leaders were Bank of Punjab and Aisha Steel Mills Limited with respective trade volumes of 65 million28 million shares to their credit Meanwhile, the international o il prices fell to $49.95/bbl in the previous session after Russia’s largest oil producer said no to OPEC freeze deal by saying some OPEC countries such as Iran, Saudi Arabia and Venezuela will not freeze either. He further said that prices above $50/bbl would make shale oil projects lucrative. However, Russian President Vladimir Putin said that they are ready to join the deal. Inventory data from API tonight will be important for market direction.