Bearish trend prevails at KSE

Rally continues in oil prices

Amanullah Khan


KSE-100 index is currently witnessing bearish trend for the last four trading sessions against dipped by 214 points to close in red at 50742 levels on the last trading session of the week Friday.
According to market analysts, breaking 51000 levels means that 50,400 levels may be the support zone in the next trading session. However the market volume was improved at 345 million all shares, where Silk Bank was the volume leader of the day with a trade of 24 million shares to its credit.
The other two volume leaders of the day were Summit Bank and Kohinoor Spinning with trades volumes of 21 million and 16 million shares to their credit respectively.
International prices rose in the current session to its highest level in three weeks on expectations that OPEC and non-OPEC will extend the cuts until March 2018.
However, participants will look for Baker Hughes’ rigs count data which is expected soon.

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