KSE 100 index bounces back with a gain of 457 points

Amanullah Khan

Karachi

KSE 100 Index which was dominated by bearish during last few days finally broke the corrective spell with a gain of 457 points to close in green at 48,992 levels here on Wednesday According to market analysts the breaching the 48,900 levels resistance zone could lead the index towards second resistance zone which is at 49,500 levels in the coming session.
However in the face of the depressed market volume of 234 million all shares Aisha steel continued to retain its position as volume leader of the day with a trade volume of 18 million shares to its credit. The other two volume leaders were including TRG Pakistan and K Electric with trade volumes of 14 million and 9 million shares respectively.
Meanwhile the international oil prices continued to present an unpredictive view due to falling prices after API reported a build in U.S. crude oil stocks by 2.5 million barrels this week.
However, the prices were supported by the news that OPEC members have reached 94% of record compliance levels. Participants will wait for EIA’s U.S. crude oil inventory data.