Bears rule over bulls, KSE-100 index drops 188 points

Amanullah Khan

Karachi

KSE-100 Index which had made an impressive recovery last week once again confronted with the bearish sentiment as the index dropped 188 points to close in red at 49434 levels here in the first trading session of the week here on Monday.
Although the press briefing by the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX) helped settling down the dust as the confidence of the investors looked improved yet the political volatility still having its impact on the market sentiments.
The financial, cement, steel and oil based stocks however in the limelight in today’s session. The volume leader of the day was Silk Bank with a trade volume of 59 million shares to its credit. The other two volume leaders were including Azgard Nine and Lotte Chemicals with trade volumes of 24 million and 23 million to their credit respectively.
Meanwhile the international oil prices remain depressed last week as the price fell to US$52.50/bbl after U.S. dollar index surged higher against the basket of major currencies, making crude oil more expensive to holders of other currencies. Although the recent data showed weak compliance from Russia as the output remain unchanged at 11.11 million bpd in the month of February.

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