KSE 100 index gains 399 points to close in green

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Amanullah Khan

Karachi

KSE 100 Index after going through some shocking and abrupt moments on the back of sudden fall of rupee managed to overcome the nervousness in an improved environment to close in green at 45222 levels here on the last trading session of the week.
However prevalent political uncertainty in terms of Panama case continued to haunt the investors con fidence which dragged the index down to 44549 levels in the middle of the trading session however at the end of the day the support from institutions investors help the index to close positive.
The volume leader of the day was TRG with a trade volume of 15 million shares to its credit.
The other two volume leaders were including Pak Electron and Bank of Punjab with trade volumes of 9 million and 9.7 million shares respectively to their credit. Meanwhile the oil supply glut in the international market has provided yet another hope for energy starved or smaller economy to take advantage of yet another round of oil price fall by creating a strong alternative energy base in the countries like Pakistan.
Lowering oil price at retail may give a short lived relief however the situation calls for development of a strong energy supply base to avert the oil pushed high velocity inflation which could be a serious threat to weaker economies.
It may be noted that the oil prices plunged on Wednesday by nearly 5%, making a low of US$44.50/bbl after Russia ruled out any proposals to deepen the global production cuts.
In addition, reports of higher monthly exports from OPEC also weighed on prices.
However, some losses were recovered after API inventories data which reported a significant draw of 5.8 million barrels this week, compared with expectations for a decrease of 2.3 million barrels.

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