Karachi—KSE-100 Index recovered previous losses with an impressive gain of 366 points to close in green above 33815 levels despite 4 percent tumbled oil prices in the international market indicating a strong participation of the investors primarily for strong corporate results as well good corporate earnings here on Monday.
It will not be out of place to mention that international oil prices tumbled 4% on Friday and dropped another 1.5% in early trading on Monday, after Saudi Arabia stated that it would only participate in the production freeze if Iran also took part in the agreement. Iran has clearly stated that it will not participate as it has just begun to increase production after years of sanctions. Hedge funds have also cut bullish positions which led to additional weakness. In other news, US producers have cut 10 more rigs last week.
The brisk trading activity gave an impressive market volume of 292 million shares traded today out of the total shares 218 stocks were the gainers, 99 losers and 20 remained unchanged. The volume leader of the day was K Electric with a trade of 31 million shares to their credit while Dewan Cement and Jhangir Siddiqi & Co were second and third volume leaders with a trade of 20 million and 18.89 million shares respectively.