KSE 100 index loses 266 points

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Amanullah Khan

Karachi

Uncertain political sitiation stemmed from allegations and counter allegations by political quarters claimed trade growth heavily at the stocks market as the ever rising index continued to dip amid thin volumes.
The KSE 100 Index once again dipped by 266 point to close in red at 40237 levels amid a low volume of 137 million all shares due to lack of interest of the investors.
K Electric however retained its position as the volume leader of the day with a trade of 13 million shares to its credit.
The other two volume leaders of the day were including TRG and Aisha Steel with trade volumes of 8 million and 7 million shares to their credit respectively.
Meanwhile the international oil prices have been boosted by news that Saudi Arabia is planning to reduce its oil shipments to customers in November.
Brent crude, the international price benchmark, was up 32 cents at $56.11 a barrel at 0950 GMT. US crude gained 29 cents to $49.87. The Organization of the Petroleum Exporting Countries, Russia and other non-member producers are cutting output by about 1.8 million barrels per day (bpd) until next March to get rid of a price-sapping supply glut. Opec is increasingly confident that the market is rebalancing fast, helped by the cutback as well as by stronger-than-expected growth in global demand.
The rally in oil prices however has a positive impact on the oil based stocks at the bourses around the world including Pakistan.