Dramatic fall in oil prices
KSE 100 Index in a dramatic plunge lost 362 points losing the gains of the previous session to close in red at 49392 levels here on Thursday. According to market analysts, the investors off loaded their positions to be on the safe haven as an impact of SECS briefing to the senate standing committee on finance about the role of the regulator and its recent crackdown against brokerage houses over illegal trading activities, investors decided to move with caution.
Amid an extremely thin market volume of 220 million all shares Azgard nine was the volume leader of the day with a trade of 12 million shares to its credit. The other two volume leaders of the day were including Lotte Chemical and K Electric with trade of 1.12 million and 10.45 million shares to their credit respectively.
The International oil prices which always have an instant impact on bourses confronted with volatile situation as the oil prices fell dramatically to a six-week low, touching US$50.00/bbl after weekly U.S. crude oil inventories rose to 8.2 million barrels, making a total of 528.4 million barrels. Although analysts expected a build of 2 million barrel.
However, Kuwait is set to host a meeting on March 26th which will be attended by both OPEC and non-OPEC members to review compliance with the crude production cuts.