KSE-100 index continues to close in red-correction

Amanullah Khan

Karachi

Although KSE-100 index opened positive and remained strong even in the second half of the trading session yet the selling pressure and profit making again dipped the index by 36 points prior to close of the session at 48642 levels to close in red here on Wednesday. In fact, the index continued its corrective move, breaking its second support zone may drag the index further if the correction mood persists.
Meanwhile, Pakistan Elecktron amid a market volume of 330 million all shares was the volume leader of the day with a trade of 19.75 million shares to their credit, while other two volume leaders were including the Bank of Punjab and OGDC with trade volumes of 19.34 million shares and 12 million shares to their credit respectively.
However, the international oil prices remained static as in the previous session as market awaits clarity on the agreement between OPEC and non-OPEC members to reduce oil output. However, experts suggest prices may turn volatile on any OPEC/non-OPEC commentary.

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