KSE-100 index closes positive, gains 98 points

Amanullah Khan

Karachi

PSX benchmark KSE-100 Index remained throughout Monday trading and closed in green with a gain of 98 points at 46010 levels here on the first trading session of the week here on Monday.
Actually the trading session resumed with an overwhelming high spirit and went as high as 47111 but the rumors about devaluation of rupee had an immediate impact on the brisk trading that washed way the intraday gains worth over 1100 points however the index remained positive at close with again of98 points.
However the market volume improved considerably at 318 million all shares whereas Azgard nine was the volume leader of the day with a trade volume of 33 million shares to its credit.
The other two volume leaders of the day were including K Electric and SSGC with trade volumes of 18.77 million shares and 18.19 million shares to their credit respectively. The shares of majority of the companies remained positive as the stocks of 255 companies remained green at the close while stocks 114 companies were the losers.
The international oil prices also showed some sign of improvement as the prices rose in the current session, hitting US$50/bbl for the first time in two month after signs of tightening U.S. oil market.
In addition, the prices were also supported by the news that U.S. is considering imposing sanctions on Venezuela’s vital oil sector. However, Baker hughes, on Friday, reported a small gain in U.S. rig count (+2), making a total of 766 rigs.

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