Karachi—Although oil prices recovered considerably yet the KSE-100 Index continued to tackle persisting correction resulting in decline of 30 points enabling index to close in red at 33,729 levels here on Tuesday. Infact the index continued to trade in a narrow range despite considerable market volumes of 241 million shares yet selling pressure both domestic and foreign institutional investors kept the market sentiments on the lower side.
It may be noted that international oil prices recovered losses from Monday as participants chose to focus on the oil workers’ strike in Kuwait. Output has dropped to 1.1mnbbl from 2.8mnbbl.
Analysts, however, expect the strike to be resolved in the coming days, at which point, they expect the market to focus in on the excess supply once again. At the home front TRG was the volume leader of the day with a trade of 22 million shares to their credit while, Dewan Motor traded 17.20 million shares and PACE Pakistan 17.02 million shares to be second and third volume leaders respectively.