KSE-100 index plunges by 584 points

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Amanullah Khan

Karachi

PSX bench mark KSE-100 Index which has suffered a lot due to PANAMA hearing blown out of proportion again was the victim of 584 points to close in red at 46858 point levels here on the last trading session of the week on Friday. According to market analysts, besides selling pressure stemmed from institutional outflow, foreign institutional the foreign institutional investors also contributed to selling pressure during the trading session. Amidst the extremely thin market volume of 129 million all shares the Bank of Punjab however was the volume leader of the day with a trade of 18 million shares to its credit. The other two volume leaders of the day were including WorldCall and K Electric with trade volumes of 12 million shares and 10 million shares to their credit respectively. Meanwhile the international oil prices also fell to a five-week low after EIA reported that U.S. crude stockpiles fell by 1.7 million barrels, less than the expected decline of 2.7 million barrels. In addition, gasoline stockpiles rose by 2.1 million barrels in the week. Experts suggest prices to t fall further as production growth in Libya and Nigeria and continued rig additions in U.S. are raising doubts on OPEC’s plan.

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