KSE-100 index returns to bullish momentum

Rally in oil prices

Amanullah Khan

Karachi

Although KSE-100 Index bounces back to bullish momentum with a gain of 230 points to close in green at 46,920 levels yet in an extremely thin market volumes of 198 million all shares on Tuesday.
Dewan Cement was the volume leader of the day with a trade of 15 million shares to their credit while the Bank of Punjab and Dost Steel were second and third volume leaders with trade volumes of 13.73 million and 13.02 million to their credit respectively.
Meanwhile the international oil prices extended gains as OPEC and non-OPEC members are set to start restrain their crude oil production as per the agreement in order to support oil prices in less than a week. In addition, Hedge funds increased bullish bets on U.S. crude oil for a third week in a row. Baker Hughes reported 13 U.S. oil rigs were added last week.

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