Morning Chronicle issued by Adeel & Nadeem Securities Limited
Karachi: Market Review
Once again bears took control of the Karachi Stock Exchange in the Tuesday session due to intense selling pressure in American and European markets which was followed by all Asian markets.
According to Adeel & Nadeem Securities Limited, the KSE-100 share index concluded the session with a huge decline of 369.25 points (-3.24 percent) at 11,034.92. The market range of the KSE-100 index for the session was 11,031.46 – 11,266.06. Total shares traded during the session also decreased further by 37.60 million shares from the previous turnover of 106.74 million shares to reach at 69.14 million shares. The KSE-100 share index opened the session at 11,162.85 with a downside gap of 241.32 points and throughout the session remained in the negative territory and closed almost on the day’s low. Foreigner investors were once again seen on the selling side with a net sale of $US 7.56 million during the session. Out of 327 active scrips, 54 companies closed in the positive, 195 closed in the negative region, while the values of 78 stocks remained unchanged.
The KSE-100 share index is currently bearish and yesterday’s closing below 11,070 is also a bad sign. However if it succeeds to hold itself above 11,070 after opening above it then recovery can be seen with major resistance at 11,365 and support at 10,900 and 10,732.