KSE-100 index bounces back with gain of 1051 points

Amanullah Khan

Karachi

The culmination of JIT report on Panama hearing into a reference probably gave a sigh of relief to investors reflected into brisk trading activity that led to a hefty gain of 1051 points to help the index closing into green at 46273 levels here on the first trading session of the week on Monday. The overall market volume also looked improved at 235 million shares while the stocks of 275 companies closed in green while shares of 73 companies were the losers in today’s session. The Bank of Punjab was however emerged as the volume leader of the day with a trade volume of 21 million shares to its credit.
The other two volume leaders of the day were including TRG and Summit Bank with trade volumes of 16 million and 10 million shares to their credit respectively.
Meanwhile the international oil prices continued to remain unpredictable due to increasing supplies which created a glut like situation in the market. Consequently the oil prices fell for the third straight session on Friday as markets remain under pressure from high drilling activity in U.S. and higher supplies from some OPEC members. In addition, U.S. oil production has risen over 10% since mid-2016 to 9.34 million bpd. However, prices recovered a bit as lower prices attracted buyers but overall conditions remained weak.

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