Volatility in int’l oil prices persists
Karachi—KSE-100 Index which was hovering around 43,000 levels last week finally crossed the historic mark of 43,000 levels with a slight gain of 61 points amid a market volume 460 million shares on the first trading session of the week here on Monday.
The surprising performance was achieved without support from foreign institutional portfolio who are away for a few days of the market due to heightening of geo-political noise, yet the possibility of their inflows is quite possible with the stellar performance of PSX. In today’s session Lot Chemicals was the volume leader with a trade performance of 30 million shares to their credit while Media Time and Nimir Resins were second and third volume leaders with respective trade of 28 million and 15 million shares accordingly.
Meanwhile, the international oil prices fell more than 3 per cent in the previous session after world’s largest oil producer, Saudi Arabia refused to meet with non-OPEC including Russia to discuss who should cut production by how much. The meeting was scheduled for Monday but ruled out by Saudi’s energy minister by saying, “no agreement has been reached so far among OPEC members.” However, most experts believe that there will be a deal this Wednesday between OPEC and non-OPEC to limit oil production.