KSE-100 Index remained positive with a nominal gain of 71 points yet amid a sluggish trading activity reflected in the extremely low market volume of 159 million all share on the first trading session of the week here on Monday.
However the Index closed in green at 48227 levels. According to market analysts Current formation on daily chart indicates that index could face resistance at 48,600 points in the coming trading session however, a breakage above mentioned level could add further gains towards 49,200 which is the trend line resistance. Alternatively, support is initially placed at 47,900 levels. On the other hand if the aforementioned resistance is surpassed then 47,600 would be the second support zone.
Meanwhile Aisha Steel was the volume leader of the day with a trading volume of 15 million shares while the Bank of Punjab was the second volume leader with a trade volume 11 million shares to its credit, Asghard nine remained on the third position with a trade of over 11 million shares to its credit.
The international oil prices extend gains in the previous session, making a high of US$50.77/bbl after Baker Hughes reported a rise in U.S. rigs count by 10 rigs to 662 rigs count.
In addition, expectations have raised that OPEC and non-OPEC could extend production cuts for another six months. However, Iraq plans to increase its oil output capacity to 5 million bpd before the end of the year.