KSE-100 index under pressure, loses 451 points

Amanullah Khan

Karachi

KSE-100 Index continued to remain bearish in the face of selling pressure, outflow of foreign institutional investors’ portfolio and rumors regarding PANAMA case forcing the index to plunge by 451 points to close in red at 47125 levels here on the first trading session of the week on Monday.
The index fell after remaining depressed throughout last week and was down at the end of the week by 0.7% week-on-week. The investor confidence also remained shaky on the back of political uncertainty. However the market volume also remained thin at 154 million all shares in the existing scenario where TRG Pakistan was the volume leader of the day with a trade of 16 million shares to its credit.
The other two volume leaders of the day were including Aisha Steel and Engro Polymer with trades of 6.93 million and 6.88 million shares to their credit respectively. Meanwhile the international oil prices fell in the previous session to US$53.29/bbl after Baker hughes reported a rise in U.S. oil rigs by 11, making a total of 683 rigs.
The prices were under pressure as U.S. crude oil production has climbed to 9.24 million bpd and drilling activity rose for 13th consecutive week, offsetting the impact of OPEC-led production cut. However, Saudi Arabia has called major oil producers to roll over output cuts for another six month to stabilize oil market.

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