KSE-100 Index sheds 554 points

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Amanullah Khan

Karachi

KSE-100 Index which is on the falling track plunged by yet another 554 points to close in red at 50956 levels on Thursday.
In fact the investors were off loading their overbought positions which led to correction for the last three trading sessions. According to market analysts market correction and profit taking attributed to the persistent decline of the index.
The correction had an impact on the market volume indicated from a slashed volume of 302 million shares compared to previous sessions. However the WorldCall maintained its status of volume leader of the day with a trade volume of 32 million shares to its credit.
The other two volume leaders of the day were including Engro Polymer and Silk Bank with trade volumes of 15 million and 14 million shares to their credit respectively.
The international oil prices rose in the previous session after U.S. crude oil inventories fell by 1.8 million barrels this week, compared with the expectations for a decline of 2.5 million barrels.
The gains, however, were limited as overall oil production is rising from U.S. and other OPEC members who are exempted from the cuts. Experts believe prices will rise further if OPEC and non-OPEC agree to extend the deal beyond June in their upcoming meeting on May 25 in Vienna, Austria.