KSE-100 in­dex in correction drops 217 points

Pakistan Observer - - ECONOMY WATCH -

AMANULLAH KHAN KARACHI—KSE-100 In­dex which re­mained in bullish mood last week con­fronted with a correction which was ex­pected fol­low­ing heavy trad­ing dur­ing last week tak­ing the mar­ket vol­ume above 300 mil­lion shares. The in­dex de­clined by 217 points to close in red at 36,048 lev­els amid a mar­ket vol­ume of 304 mil­lion shares, how­ever the out­flow trend of the for­eign in­sti­tu­tion port­fo­lio con­tin­ued to have its im­pact trad­ing sen­ti­ment, how- ever strong cor­po­rate re­sults cou­pled with in­sti­tu­tional sup­port pro­vided a strength to the mar­ket which is still in a bullish mood.

The volatile in­ter­na­tional oil prices how­ever had also an im­pact on the bourses as the oil rally sup­ported by pro­duc­tion dis­rup­tions around the world. The gains didn’t last, how­ever, as re­ports sug­gest that Cana­dian pro­duc­tion could be on­line shortly af­ter wild­fires knocked out 1.5mn bbl. Also bear­ish was API data, which showed that in­ven­to­ries in­creased by 3.45mn bbl.

Fi­nally, on a hint that the fight for mar­ket share con­tin­ues, Iran dropped its of­fi­cial sell­ing price in an at­tempt to gain new clients. On the home front PACE Pak­istan was the vol­ume leader of the day with a trade of 36 mil­lion shares to their credit while TRG and LOTTE CHEM­I­CALS were sec­ond and third vol­ume lead­ers with a trade of 21 mil­lion and 15 mil­lion shares re­spec­tively.

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