KSE-100 index dips by 250 more points

Amanullah Khan

Karachi

KSE-100 Index plunged by yet another 250 points to close in red at 46874 levels amid extremely thin market volume of 164 million all shares here on Tuesday.
The bearish sentiments continued to make a sluggish view of the market on the back of uncertain political situation referring to PANAMA case and wary market players keeping a slower trading activity.
However the Engro Polymer was the volume leader of the day with a trade volume of 16 million shares to their credit. The other two volume leaders were including K Electric and TRG with trade volumes of 15 million and 9 million shares to their credit respectively.
Meanwhile the international oil prices also remained depressed after Baker hughes reported a rise in U.S. oil rigs by 11, making a total of 683 rigs. The prices were under pressure as U.S. crude oil production has climbed to 9.24 million bpd and drilling activity rose for 13th consecutive week, offsetting the impact of OPEC-led production cut.
However, Saudi Arabia has called major oil producers to roll over output cuts for another six month to stabilize oil market.

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