Morning Chronicle issued by Adeel and Nadeem Securities Limited
Karachi: Market Review
The bearish trend continued at the Karachi Stock Exchange on the last trading day of the week as the KSE-100 share index closed way below the 11,000 area.
According to Adeel and Nadeem Securities, the KSE-100 share index finished the day with a decline of 248.70 points (-2.23 percent) at 10,879.82. During the last week, the KSE-100 share index lost 382.22 points and proved to be the fourth straight bearish week. The market range of the KSE-100 index for the Friday session was 10,858.72 – 11,104.25. Total shares traded during the session declined marginally by 0.61 million shares from the previous turnover of 41.62 million shares to reach at 41.01 million shares. The KSE-100 share index opened the session at 11,104.25 with a downside gap of 24.27 points and opening proved to be the day’s high as the KSE-100 share index remained in the red zone for the entire session. Foreigner investors were once again seen on the selling side with a net sale of $US 1.76 million during the session. Out of 279 active scrips, 38 companies closed in the positive region, 158 closed in the negative region, while the values of 83 stocks remained unchanged.
The KSE-100 index is has breached 11,030 in the last session which is a reason of concern. It has to come above it in today’s session for any hope of recovery to exist. Otherwise next target will be 10,730.