KSE-100 loses 113 points despite huge market volumes

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Amanullah Khan

Karachi—Despite huge market volumes of over 53 crores amid brisk trading activity, the KSE-100 however plunged by 113 points on the back of tumbling international oil prices by 3 per cent which had an impact on oil based stocks in Pakistan. It may be noted that international oil prices are under pressure since last week’s inventory drawdown and have fallen by around 8 per cent given growing concerns on Libya and Nigeria’s plans to resume crude supplies.
In addition, US crude oil inventories dropped by 0.6mnbbl while US distillates inventories showed a surprisingly large build-up of 4.6mnbbl. At the home front, PACE Pakistan was the volume leader of the day with a huge trading volume of 50 million shares to their credit while Bank of Punjab and Azgard Nine Ltd were second and third volume leaders with a trade of 42 million and 29 million shares to their credit respectively.