KSE 100 Index shows signs of resilience

Amanullah Khan

Karachi

The KSE 100 Index after receiving heavy blows in the previous trading session showed some resilience by gaining 728 points to close in green at 45394 levels here on Tuesday.
Actually the investors getting their confidence shaky with the current and cross current comments by the stake holders from side of the table as Panama case looks coming close to final version of the case. However the investors and institutional supporters preferred to sit on fence till the dust of PANAMA is settled down.
Tuesday’s improvement in the market was focused on making investment of blue chip stocks as the prices seems to be every attractive for the investors having holding powers.
However the overall market volume remained depressive at 189 million shares where Engro Polymer was the volume leader of the day with a trade volume of 14.78 million shares to their credit. The other two volume leaders of the day were including TRG and K Electric with trade volumes of 14.19 million shares and 13.45 million shares to their credit respectively
However despite thin market volume the shares of 228 companies managed to close in green while shares of 131 companies fell in the red zone.
The international oil prices however showed some improved as the oil prices rose on Monday for the eighth straight session, making a high of US$47.07/bbl on account of 0.1 million bpd drop in U.S. production due to tropical storms & maintenance work and decline in U.S. rig count.
However, analyst suggest rising crude oil production from OPEC members could cap gains.

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