KSE-100 index takes stride to recover losses

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Impressive gain of 703 points

Amanullah Khan

Karachi

KSE 100 Index taking a big stride amid revived bullish momentum added 703 points that recovered all previous losses enabling the index to close in green at 49,696 levels here on Thursday. Market analysts said that breaching the 49,500 resistance zone could lead the index towards second resistance zone which is at 50,100-50,300 levels in the coming couple of trading sessions.
Meanwhile in an improved market volume of 398 million all market shares Lotte Chemical emerged as the volume leader of the day with a trade of 58 million shares to its credit. The other two volume leaders were including K Electric and Aisha Steel both the scrips quite in the limelight were the second and third leaders in terms of volume with 29 million and 20 million shares to their credit respectively.
The international oil prices continued to confront with volatile conditions and fell for the third straight session to US$53.60/bbl as U.S. stockpiles struck a record high of 520.2 million barrels, after eight straight weekly builds. In addition, U.S. crude oil inventory data showed a build of 1.5 million barrels in the week, slightly lower than the expectation. However, prices remain range-bound as strict OPEC compliance with output cuts offset rising U.S. oil reserves.