KSE-100 index moves upward, adds 567 points

Amanullah Khan

Karachi

KSE-100 Index kept on moving upward with an impressive gain of over 567 points to close in green at 49, 851 levels on the last trading session of the week on Friday.
Although the index had crossed over the pscychological barrier of 50,000 points during first half of the trading session yet it was subsided to selling pressure at the close of the market, however the market sentiment remained bullish. In fact the Pakistan Stock Exchange is poised to upgrade its status from frontier to emerging market which is bound to attract global investors to broaden the market base of Pakistan.
In an improved market volume of 308 million of all shares, Engro Polymer closing was the volume leader of the day with a trade of 37 million shares to its credit. The other two volume leaders were TRG and K Electric with trade volumes of 17 million and 14 million to their credit respectively.
Meanwhile the international oil prices continued to fall for the eighth straight session this morning to US$43.74/bbl as growing concerns about global oversupply erased the price gains since OPEC and non-OPEC cut oil output to drain a supply glut and boost prices. However, experts believe prices to find some support ahead of the OPEC and non-OPEC meeting on May 25th to discuss the possibility of an extension in the output cut

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