KSE-100 bounces above 34,500 lev­els

Pakistan Observer - - ECONOMY WATCH -

AMAN­UL­LAH KHAN KARACHI—KSE-100 in its bullish mo­men­tum bounce over the psy­cho­log­i­cal bar­rier of 34,500 lev­els with a gain of 234 points to close in green at 34,503 lev­els here on Thurs­day. The pos­i­tive fi­nan­cial re­sults be­ing an­nounced by the cor­po­rate sec­tor as well as per­sis­tent rally in oil prices help gear­ing up trad­ing ac­tiv­ity with a con­sid­er­able in­crease in mar­ket volume of 270 mil­lion shares.

It may be noted that in­ter­na­tional oil prices rose to 2016 highs on Wed­nes­day but dipped as data showed in­ven­to­ries had in­creased by 2mnbbl. The dip did not last, how­ever, as a weaker US dol­lar sup­ported prices. Also in the news was data show­ing that US pro­duc­tion fell again last week. Ac­cord­ing to mar­ket an­a­lysts at this stage when the in­dex clos­ing is above 34, 5000 lev­els it could guide the in­dex fur­ther to­wards 35,000.

In to­day’s ses­sion Pak Elek­tron was the volume leader of the day with a trade of 22 mil­lion shares to their credit while Power Ce­ment and De­wan Mo­tor were sec­ond and third volume lead­ers with a trade of 14 mil­lion and 13 mil­lion shares to their credit re­spec­tively.

ISLAMABAD: Min­is­ter of State/Chair­man Board of In­vest­ment Dr. Mif­tah Is­mail in a meet­ing with the del­e­ga­tion of Sichuan Zhongcheng Cola Construction Group Ltd.

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