Bank of Punjab leads in volume
Karachi—The correction continued to prevail at KSE-100 Index which plunged by 233 points to close in red at 42292 still above 42000 levels. The Bank of Punjab which is in full cry retained the title of the volume leader of the with a trade of 29 million shares to its credit. The other two volume leaders were PIAA and Japan power with respective trade of 24 million and 18 million shares to their credit.
The Index is likely to revert to the bullish momentum as the moral and spirit of the investors was quite high said a market analyst while talking to Pakistan Observer.
Meanwhile there was a good sign for oil importing countries as the international oil prices fell to its 3-month low in the previous session as concerns over supply glut mounted after hopes started to fade that OPEC will reach a deal to cut output.
It may not be out of place to mention that Libya has resumed its crude oil production. A tanker shipped 600,000bbl and a second tanker was due to dock at Ras Lanuf shortly, the official said. However, prices have rebounded about 2% on short-covering. Investors awaits API data expected later in the day.