KSE-100 index back on track of recovery

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Amanullah Khan

Karachi—KSE-100 Index back on the path of recovery with a gain of 130 points to close in green at 39,147 levels here on Tuesday. In an improved market volume of 197 million shares Pakistan International Bulk Terminal was the top performer of the day with a trade of 22 million shares to their credit while Dewan Cement and Pak Elektron were second and third volume leaders with respective trade of 16 million and 12 million shares to their credit.
The international oil prices fell to three month low on Monday but gained slightly after the US dollar weakened. Sentiment, however, remains bearish due to oversupply and weak demand. In related news, positioning data shows that Hedge Funds have begun to exit long positions while adding shorts However on the home front, Pakistan’s E&P industry has scaled new milestones in FY16 despite lower oil prices on drilling which include surpassing of drilling target, new highs achieved in production and total number of finds of 27, overshooting all the past records.

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