Karachi—KSE-100 Index currently experiencing a corrective spell dipped by 328 points to close in red at 40,954 levels amid a volume of all shares of 383 million shares on Tuesday. Although the index touched an upper level of 41, 282 in the early session yet lost momentum on the back politically volatile reports including call given by PTI for sit-in at Islamabad and political hype created by PPP.
According to market analysts, the current formation on daily charts increases the chances that index could go for a corrective move and could find support at 40,600-40,700 area. Meanwhile, the Bank of Punjab which is quite in a high profile these days again retained its position the top performer in terms of volume with a trade of 52 million shares to their credit with a gain of Rs1 to close at Rs16.79.
The other two volume leaders were including TPL TRACKER 18 milion and Nimir Resins 18 million shares respectively to their credit. On the international oil market front, the up and down continued to make a volatile conditions regarding oil prices which fell after record production from OPEC which pumped around 33.6mnbpd in September. The output by Russia, a non-OPEC player, surged to 11.1mnbpd, highest in decades. In addition, U.S. rigs count is also rising since seven straight weeks, adding more glut to the markets. However, traders remained cautious as OPEC called for an output freeze to stabilize oil market in November.