KSE-100 index closes in red with slight correction of 13 points

Amanullah Khan

Karachi—Although KSE-100 Index remained almost unchanged of the previous level yet it was closed in red with a slight dip of 13 points at 39,786 levels here today. However the market volumes were impressive at 225 million shares indicting the bullish trend still intact while Dewan Cement was the volume leader of the day with a trade of 29 million shares to their credit.
The other two volume leaders were including Sui Northern ad TRG Pakistan with respective trade of 20 million and13 million shares to their credit. According to market analysts, the upcoming decision on gas price for domestic and commercial consumers, and slippage in fiscal target leading to more money printing and breach of SBP borrowing limits post completion of IMF program may add to inflation level going forward.
While Oil prices bounced on Monday, upside may be limited given oversupply and weak demand. Bearish inventory data and returning production from Canada and Nigeria have added to the negative sentiment. In related news, Saudi Arabia cut Sep-16 prices in response to falling demand. This was the largest cut in nearly a year. Finally, OPEC production in Jul-16 was likely the highest in recent history.

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