Karachi—KSE-100 Index after passing through a correction spell bounced back to bullish run with a gain of 167 points to close in green at 3,739 levels on the last trading session of the week on Friday. The overall volume of the market though declined drastically as compared to previous session yet were considerably impressive at 208 million shares while 197 stocks were the gainers against 122 losers and 22 stocks remained unchanged.
The energy-based stocks were in the limelight in today’s trading session as Japan Power was the volume leader of the day with a trade of 22.73 million shares to their credit. Other two to volume leaders were including Sui Northern Gas with a trade of 17.47 million shares and Dewan Motor with 17.44 million shares respectively. The market improved despite uncertainty at political fronts besides declining international oil prices.
The international oil prices were dropped by US$1/bbl after hitting a high of USD$44.45/bbl on Thursday. Crude’s 12% rally this week can be attributed to additional fund flows into commodities. This has also led to short covering. In related news, market intelligence firm Natixis, said in a report that they expect US production to fall by 600,000bpd this year and another 500,000bpd next year.