KSE-100 keeps upwards move

Amanullah Khan

Karachi

KSE-100 Index which is taking strides for the last few trading session keeping the index levels above 51000 point levels added yet another 322 points to close in green at 51426 levels on Thursday.
The excitement over up-gradation of the status of the PSX was one of the major reasons for bullish momentum which witnessed by the bench mark index. Amid brisk trading activity which brought the market volume at 397 million shares the Summit Bank was the volume leader of the day with a trade of 31 million shares to its credit. The other two volume leaders were including WorldCall and Dewan Cement with trade volumes of 24 million shares and 20 million shares to their credit respectively.

Meanwhile the international oil prices rose on Wednesday to US$47.75/bbl after U.S. crude oil inventories data showed a surprise fall of 5.2 million barrels this week as compared with the expectations for a decline of 2 million barrels. In addition, prices were also supported by bigger-than-expected cut in oil supplies to Asia by Saudi Arabia. However, focus has now shifted towards rigs count data which will release this week.

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