Amid low market volumes
KSE-100 Index which was suffering from bearish sentiments during last couple of trading session bounces back with a considerable recovery of 302 points to close in green at 49,754 levels here on Wednesday.
Currently, the oil, steel, cement and financial sector is in the limelight as the investors are focusing these sectors in view of on going economic growth and construction activity, while increasing oil prices have a natural impact on oil based stocks.
However, the market volumes remained low at 245 million all shares while Lotte Chemicals was the volume leader of the day with a trade of 28 million shares to its credit. The other two volume leaders were including Aisha Steel and SSGC trade volumes of 1538 million and 15.15 million shares to their credit respectively.
On the international oil front, the oil prices initially rose on Tuesday to $53.77/bbl on expectations that the production cut deal might be extended between OPEC and non-OPEC to curb supplies and boost prices.
The gains, however, were short lived as API reported a large build-up of 11.6 million barrels in United States crude inventories. Participants will look for EIA’s inventory figures later on Wednesday.