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4-Traders Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pak Elektron Limited    PKEL   PK0034601010

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Pak Elektron : KSE-100 bounces above 34,500 levels

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04/29/2016 | 06:01am CEST

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.

(c) 2016 Pakistan Observer. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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