Oil price continues to dip
The persisting correction drags the KSE-100 Index by 553 points in the face of heavy selling pressure and profit taking to close in red at 49,214 levels here on Wednesday. The market volume of 417 million all hares however indicated some improvement in trading activity while K ELECTRIC emerged as the volume leader of the day with a trade of 45 million shares to their credit.
The other two volume leaders of the day were including Power Cement and media time Ltd with trades of 39 million 19 million shares respectively. In all transactions took place in the stocks 392 companies of which 277 stocks declined while 105 were the gainers and stocks 17 companies remained unchanged. Besides outflow of foreign institutional portfolios and new volatile trend in oil prices altogether have an impact on the stock market globally.
The international oil prices fell in the previous session after API report which showed a climb of 9.9 million barrels in U.S. crude supplies for the week, compared with the expectations for a rise of 3.25 million barrels. In addition, oil market remained well supplied despite the OPEC-led cuts due to a 6.5% rise in U.S. oil output since mid-2016. However, investors will look for EIA crude oil inventories data later tonight.