KSE-100 adds 48 points to close in green

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Amanullah Khan

Karachi—KSE-100 Index added 48 points to close in green at 42,949 levels only a step away from the psychological target of 43,000 levels breaking all records in the history of PSX. The market opened positive Thursday and after a zig zag movement managed to close in green however the investors probably preferred to sit on the fence to see the SBP decision regarding interest rate on the coming Saturday when the Monetary Policy will meet to review policy rate for next two months.
Meanwhile PACE Pakistan moved to the position of the volume leader of the day with a trade volume of 61 million shares amid improved market volume of 584 million shares. The next two volume leaders were Azard nine with a trade activity of 31 million shares and PIAA 30 million shares to their credit The international oil prices however rose a little in the previous session after Prime Minister of Iraq said that they will support an OPEC plan to cut output in the next meeting on 30th-Nov.
The gains, however, were limited as traders doubted that OPEC members will agree for a large production cut to make a significant change in the surplus. Additionally, EIA data showed that the crude oil inventories fell by 1.3mnbbl this week, compared to the expectations of an increase of 0.3mnbbl. According to Baker Hughes, U.S. oil rigs rose by 4 to 474.