KSE-100 Index gains 399 points


Amanullah Khan


Karachi KSE-100 Index after heavy downfall during last many trading sessions on the back of rising political noise related to PANAMA case, finally staged a comeback with a gain of 399 points to close in green at 48071 point levels here Tuesday. The market volume presented improved look at 316 million shares while Power-R was the volume leader of the day with a trade volume of 40 million to its credit. The Bank of Punjab-R was the second volume leader with a trade of 22 million shares to its credit while Engro Polymer was the third volume leader with a trade of 19 million shares to its redit. There was a report that Pakistan seeking loan worth $600 million from the Asian Development Bank (ADB) to cushion its foreign currency reserves which started depleting again on the back of heavy debt repayments. Meanwhile the international oil prices remained unpredictable on Tuesday after traders taking on large volumes of long positions after prices have fallen by more than 10%. However, the physical market remains bloated, especially after Baker Hughes, on Friday, reported a rise in U.S. oil rigs count by 8rigs, making a total of 741 rigs.

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