Persisting bearish sentiments drag KSE100 index by 116 points

Amanullah Khan

Karachi

The persistent political noise as well as well indifferent investors kept the trading activity at low reflected in extremely thin market volume of 195 amid selling pressure and profit making. The index closed in red at 48539 levels as the investors probably expressed their unhappiness over what the call discouraging environment due to notices issued to the brokers.
Meanwhile, TRG Pakistan was the volume leader of the day with a trade of 14 million shares to its credit. The two other volume leaders of the day were Sui Northern and Power cement with trading of 12 million and 11 million shares respectively.
There was an impact of stagnant oil prices as the oil prices mostly remain unchanged from Friday as traders await API crude oil stocks data later tonight for clues on price direction. In addition, the prices fell more than 8% last week as rising U.S. crude supplies counter-weighed OPEC’s efforts to restrict output and reduce the global supply glut. Also, market will look for IEA’s official Oil Market Report on Wednesday.

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