Karachi—Contrary to the expectations of a bullish run, the KSE-100 Index dipped by 12 points amid global slow down, volatile oil price situation and a lackluster market scenario consequently led the index to close in red at 33,755 in the last trading session of the week on Friday. In fact, the index extended its corrective move in the first half of the last trading session, tested its crucial support and recovered all its losses in the second half, closing in the green. However the market volume remained at 193 while oil-based stock Byco was the volume leader with a trade of 26 million shares to their credit. The other two volume leaders were including Descon Chemical with a trade of 13 million and TRG 10 million shares to their respective. The international oil prices fell by 0.6% on Thursday as a stronger Dollar dented prices.
Also in the news was a report by the International Energy Agency, which said US production decline due to low prices is now gathering pace. Participants now turn their attention to the Sunday Doha meeting in which producers will discuss a production freeze. Analyst, however, remain bearish even if an agreement is reached.