Karachi—KSE-100 Index bounces above the all time levels at 40,030 to elevate Pakistan Stock Exchange (PSX) as the most vibrant giving highest returns in the region. The continued stability in international oil prices also proved a supporting factor consolidating the confidence of the local as well as international investors.
The reports that two international investors have shown their interest in buying 40 per cent stakes after demutualization of the stock exchange in Pakistan was also a big attraction for the investors. It may be noted that international crude oil prices continued to rise and touched $45/bbl. The rally was triggered by growing confidence that a production freeze may be discussed by OPEC next month after Saudi Arabia hinted that it may be open to the possibility. Prices rose despite an increase in the rig count in US.
Resistance in the near-term is $46/bbl. Meanwhile, at the home front, K-Electric which is in the lime light for quite sometimes due to circulating reports about strategic transfer of management to some high profile investors, however no proper information has been released in this respect while Engro Corp a big business house in the country has however refuted such intention to buy K Electric. However, KE was the top performer of the day with a trade of 17 million shares to its credit. While two other volume leaders of the day were including Dewan Farooq Motor and Dewan Cement with respective trade volumes of 15 million and 13 million shares to their credit.