KSE 100 Index dips 129 points

Amanullah Khan

Karachi—KSE-100 Index dropped 120 points amid selling and profit taking spell to close in red at 41252 levels here on Thursday.
However the market volumes was at record level of all shares at 774. Mostly smaller value stocks were traded.
The volume leader of the day was World Call Telecom with 89 million shares traded to their credit while Bank of Punjab and PACE Pakistan were second and third volume leaders with 76 million and 50 million shares traded to their credit respectively. Meanwhile the international oil prices are constantly in a rally which rose about 2% to US$49.95/bbl in the previous session, hitting the highest since Jun-16 after U.S. crude oil stocks fell by 3mnbpd this week, fifth consecutive weekly draw down.
Oil prices have surged more than 12% over the past six sessions after OPEC decided to limit the output. However, some experts believe profit taking could soon set in oil futures as Relative Strength Index is at 65, edging toward the overbought level of 70.

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