KSE-100 index closes in red

Amanullah KhanAmanullah Khan
Karachi
The persistent volatile political pressure claiming heavily on market performance as the KSE-100 Index plunged by 384 points to close in red once again at 45634 levels here Thursday. The uncertainty prevailing on political front adversely affected the possible advantages of the rally of strong corporate results by the stock market. After PSO, Lucy Cement and now the Stocks of Ameri Steel has outperformed the benchmark index by 67% during CY17TD, booking colossal returns of 63% on absolute basis, factoring in the positives from upcoming expansion in Nov’17 and aggressive future plans of management. However amid thin market volume of 175 million all shares the Azgard nine was the volume leader of the day with a trade of 10 million shares to its credit. The other two volume leader scrips were Aisha Steel and the Bank of Punjab with trade volumes of 9.58 million shares and 9.50 million shares to their credit respectively. An overview of the trading activity indicated that scrips of 255 companies were on declining side while stocks of 84 companies were the gainers. The international oil prices which have a widespread impact on bourses rose in the previous session to US$49.70/bbl after crude oil inventories data showed a fall of 6.5 million barrels this week, compared with the expectations for a decrease of 2.7 million barrels.  The gains, however, were limited as surprise increase in gasoline stocks capped gains in oil prices. Technical analyst suggest strong resistance at US$50/bbl – U$50.50/bbl level.

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