KSE-100 benchmark dips by 228 points

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Positive developments on cards to further gear up market activity

Amanullah Khan

Karachi

PSX bench mark KSE-100 Index after rallying to the all time high beyond 50,000 levels dipped slightly below 50,000 levels as the profit making drags the index by 228 points at 49963 levels here on the last trading session of the week on Friday.
After epoch making entry of Chinese investors into Pakistan capital market, the Pakistan Stock Exchange is actively considering to float CPEC infrastructure bonds which may be a major sign of Chinese investment in Pakistan Stock Market. The infrastructure bond names as Pakistan Development Fund (PDF), worth Rs150 billion has enough potential gear up the market in near future.
Meanwhile, the PSX managing also in the process of offering 20% shares evaluated to 160 million shares to general public in near future. Meanwhile, the bullish rally which is visibly in the market activity also attracted the foreign institutional investors who entered the market with Rs424 million. In the backdrop of development activity at the much faster rate in Pakistan the oil based and power sector stocks were the focal point of the strategic investors.
It was interesting to see that K Electric which is in rally for quite a few days retained its position as the volume leader of the day with a huge trade activity of 165 million shares to its credit. The other two volume leaders of the day were Faysal Bank and TRG Pakistan with trade volumes of 29 million and 29 million shares with slight difference to their credit respectively.
It may be noted that the international oil prices rose in the previous session to US$54/bbl, highest in three weeks, as U.S. stocks rallied and added long position in crude oil. However, U.S. oil production increased to 8.96mnbpd, offsetting significant amounts of any OPEC-led supply cut.

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