Selling pressure drags down KSE-100 by 270 points

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Amanullah Khan

Karachi—Selling pressure was one of the reasons for PSX-Benchmark to lose 270 points guiding the KSE-100 Index to close in red at 31,011 levels here on Friday. It may be noted that the foreign institutions investment portfolio kept on off loading to the tune of Rs 242 million worth of shares during last trading session and even today despite some strong financial results posted by local Inc.
The unpredictable oil prices, which rose for most of the day but fell after inventory data showed an increase of 2.1mnbbl. Participants reacted as crude stocks have now reached record levels. Iraq’s oil minister said that OPEC and non-OPEC members would continue to talk to restore normal prices. However, there have been suggestions that Iran would not agree to a production freeze so that it may return production to pre-sanction levels, it is learnt.
The impact of volatile oil market continued to affect the bourses reflected in thin market volume of 109 million shares at PSE on Friday. TRG Pakistan was the volume leader today with a trade of 9 million shares while Pak Elektron and National Bank of Pakistan were second and third volume leaders with a trade of 5.31 million and 4.61 million shares respectively.