KSE 100 index closes in red with slight dip of 9 points

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Amanullah Khan

Karachi

Persisting low market volume of all shares is a clear indication of indifferent attitude of the investors on the back of volatile political conditions dragging the trading activity to the lowest ebb as the KSE 100 index though put strong resilience with a slight drop of 9 points to close in red at 45908 levels here Wednesday.
As a result of unattractive market majority of the stocks of 209 listed companies closed as losers while stocks of 137 companies were on the positive side in sluggish trading activity.
Meanwhile Azgard nine emerged as the volume leader of the day with a trade of 22.81 million shares to its credit while SSGC and Dewan Motors were on second and third position with respective trade of 16.70 million and 11.13 million shares to their credit.
Although the oil based stocks were on the declining side due to strike called by transporters for many days affecting the oil supplies across the country.
However the international oil prices edged higher in the previous session after API reported a large draw in U.S. crude oil stocks by 10.2 million barrels this week, compared with the expectations for a draw of 2.6 million barrels.
In addition, the prices were also supported by the news that Saudi Arabia will limit crude oil exports by 6.6 million bpd in August.
However, according to some analyst, the current uptrend in oil prices could be limited as higher prices attract U.S. shale oil producers.

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