Karachi—KSE-100 Index dipped slightly by 31 points to close in red at 39,991 levels despite huge trading activity to the tune of over 424 million shares indicating bullish momentum still intact in the market.
The K-Electric, which is in the limelight for quite some times due reports in circulation that some foreign buyers specially Chinese Power company has shown interest in buying a major staking the K electric stock a trading attraction in the market with huge trading volume of 69 million shares to its credit putting it as the volume leader of the day. Other two volume leaders were including Byco and Dewan cement with respective trade volumes of 32.54 million and 32.26 million shares to their credit.
The International Crude Oil prices also rose to $47.26/bbl as Dollar corrected from the two-week high on Monday. According to Saudi Arabian Energy Minister, Khalid Al-Falih, an intervention in oil markets is not necessary since the market is moving in the right direction. On the flip side, investors are of the view that oil producers will agree to an output freeze in OPEC’s meeting due next month.