Karachi—KSE- 100 Index gained 192 points to close in green at 42631 levels amid improved market volumes of 487 million all shares here on Tuesday. According market analysts, immediate resistance for the index is pledged at 42,700-750 levels.
Breakage above mentioned resistance could guide index further towards 43,000-100. The volume leader of the day was PACE Pakistan traded 45 million shares to its credit while Summit Bank was the second leader with a trade of 37 million shares to its credit, PIAA was on third position with 34 million shares. Meanwhile a strong rally was seen in international oil market where prices rose more than 4% to US$48.50/bbl in the previous session on expectations that all countries would agree to limit output at the meeting next week.
Russian President Vladimir Putin said that his country ready to join OPEC’s effort to reduce global oil supply. However, some experts believe that Iran is the main hurdle in this deal as it requires an exemption from limiting its oil production. Libya and Nigeria have also asked to be left out of any deal as their exports have been disturbed by the violence in the country.